Market Newsdesk

August 11, 2021 4:19 pm

Matterport Announces Record Second Quarter 2021 Financial Results

Matterport reports record revenue of $30 million, 10% sequential increase
Subscription revenue jumps 53% to $15 million from year-ago period
Total subscribers increased 158% to 404,000 from year-ago period

SUNNYVALE, Calif., Aug. 11, 2021 (GLOBE NEWSWIRE) — Matterport, Inc. (Nasdaq: MTTR), the leading spatial data company driving the digital transformation of the built world, today announced financial results for the quarter ended June 30, 2021.

“We are thrilled to report another record quarter with strong subscriber and subscription revenue pushing revenue up 10% sequentially, demonstrating our continued momentum,” said RJ Pittman, Chairman and Chief Executive Officer of Matterport. “It was another quarter of strong execution across all vectors as we announced significant industry partnerships, expanded our service offerings, and strengthened our management team with world-class leaders to continue to scale our business. We are now ready to accelerate our innovation and customer growth, and being public will give us the visibility and financial resources to achieve our ambition of digitizing the built world.”

“We continued to expand our business with enterprise customers, which drove our net dollar expansion rate to a record 132% in the quarter, above the 129% that we achieved in Q1,” said JD Fay, Chief Financial Officer of Matterport. “We are still relatively early in our penetration with top enterprise customers and expect additional growth with new and existing enterprise customers.”

Second Quarter 2021 Financial Highlights:

Total revenue was $29.5 million, up 21% compared to second quarter of 2020
Subscription revenue of $15.3 million, up 53% compared to second quarter of 2020
Annual Recurring Revenue (ARR) of $61.1 million
Spaces Under Management (SUM) grew to 5.6 million, up 75% compared to second quarter of 2020
Subscribers increased to 404,000, up 158% compared to second quarter of 2020

Recent Business Highlights:

Became a public company and raised $640 million in gross proceeds by successfully completing a business combination with Gores Holdings VI, Inc.
Announced significant industry partnerships with Facebook, PTC, Apex, and SIMLAB
- Announced a collaboration with Facebook AI Research (FAIR) through which we made the largest-ever dataset of 3D indoor spaces available to teach robots and virtual AI assistants to understand and interact with the complexities of the physical world
- Announced platform integration with the PTC Vuforia Engine™ and Vuforia Studio™ augmented reality (AR) software offerings
- Announced a partnership with Apex to enable retail brands across the U.S. and Canada to access, collect and evaluate building data and information from all of their stores in one place
- Announced strategic partnership and investment in SIMLAB, a technology company that specializes in the digitization of buildings throughout the design and construction phases
Continued expansion of Capture Services™ On-Demand to another 14 cities, making the service available to customers in a total of 26 cities across the United States
Strengthened executive team
- Preethy Vaidyanathan, Head of Product
- Brandt Kucharski, Chief Accounting Officer
- Paul Thompson, Vice President of Solutions Engineering
- Vivian Weiying Pan, Vice President of International Marketing
- Vinatha Kutagula, Vice President of Customer Operations
- Soohwan Kim, Vice President of Investor Relations

Conference Call Information

Matterport will host a conference call for analysts and investors to discuss its financial results for the second quarter of fiscal 2021 today at 2:00 p.m. Pacific time (5:00 p.m. Eastern time). A recorded webcast of the event will also be available following the call for one year on the Matterport’s Investor Relations website at investors.matterport.com.

Date:		August 11, 2021
Time:		2:00 p.m. Pacific time (5:00 p.m. Eastern time)
Webcast:		investors.matterport.com

About Matterport

Matterport, Inc. (Nasdaq: MTTR) is leading the digital transformation of the built world. Our groundbreaking spatial computing platform turns buildings into data making every space more valuable and accessible. Millions of buildings in more than 150 countries have been transformed into immersive Matterport digital twins to improve every part of the building lifecycle from planning, construction, and operations to documentation, appraisal and marketing. Learn more at matterport.com and browse a gallery of digital twins.

Forward-Looking Statements

This press release contains certain forward-looking statements within the meaning of federal securities laws. These forward-looking statements generally are identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “forecast,” “opportunity,” “plan,” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions (including the negative versions of such words or expressions). Forward-looking statements in this press release generally relate to Matterport’s potential and future performance, including its strategic focus, development of new services, adoption or success of new technologies and applications, and anticipated results. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this document, including Matterport’s ability to implement business plans, forecasts, and other expectations in the industry in which Matterport competes, and identify and realize additional opportunities. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described in documents filed by Matterport from time to time with the U.S. Securities and Exchange Commission. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and Matterport assumes no obligation and, except as required by law, does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. Matterport does not give any assurance that it will achieve its expectations.


MATTERPORT, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
FOR THREE AND SIX MONTHS ENDED JUNE 30, 2021 AND 2020
(In thousands, except share and per share data)

	Three Months Ended June 30,						Six Months Ended June 30,
	2021			2020			2021			2020
Revenue:
Subscription	$	15,281		$	9,999		$	29,081		$	17,515
License		2,099			–			4,359			–
Services		2,879			2,232			5,568			3,157
Product		9,244			12,052			17,424			16,551
Total revenue		29,503			24,283			56,432			37,223
Costs of revenue:
Subscription		3,384			2,905			6,635			5,318
License		–			–			–			–
Services		2,290			1,613			4,325			2,540
Product		6,015			6,902			10,930			9,970
Total costs of revenue		11,689			11,420			21,890			17,828
Gross profit		17,814			12,863			34,542			19,395
Operating expenses:
Research and development		7,090			4,537			13,115			9,142
Selling, general, and administrative		16,501			10,476			29,559			20,273
Total operating expenses		23,591			15,013			42,674			29,415
Loss from operations		(5,777	)		(2,150	)		(8,132	)		(10,020	)
Other income (expense):
Interest income		14			4			22			13
Interest expense		(277	)		(471	)		(585	)		(858	)
Other income (expense), net		(149	)		(1,053	)		(347	)		(899	)
Total other income (expense)		(412	)		(1,520	)		(910	)		(1,744	)
Loss before provision for income taxes		(6,189	)		(3,670	)		(9,042	)		(11,764	)
Provision for income taxes		20			20			39			34
Net loss		(6,209	)		(3,690	)		(9,081	)		(11,798	)
Net loss per share attributable to common stockholders, basic and diluted	$	(0.62	)	$	(0.47	)	$	(0.92	)	$	(1.51	)
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted		10,037,669			7,844,667			9,829,416			7,822,539


MATTERPORT INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
AS OF JUNE 30, 2021 AND DECEMBER 31, 2020 (unaudited)
(In thousands, except share and per share data)
	June 30,			December 31,
	2021			2020
ASSETS

Current assets:
Cash and cash equivalents	$	42,281		$	51,850
Restricted cash		400			400
Accounts receivable, net of allowance of $32 and $799, as of June 30, 2021 and December 31, 2020, respectively		6,692			3,924
Inventories		2,622			3,646
Prepaid expenses and other current assets		3,810			2,453
Total current assets		55,805			62,273
Property and equipment, net		9,373			8,210
Other assets		6,352			1,369
Total assets	$	71,530		$	71,852
LIABILITIES, REDEEMABLE CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ DEFICIT
Current liabilities
Accounts payable	$	4,903		$	3,434
Current portion of long-term debt		8,427			8,215
Deferred revenue		7,667			4,606
Accrued expenses and other current liabilities		10,739			6,995
Total current liabilities		31,736			23,250
Long-term debt		2,034			4,502
Deferred revenue, non-current		260			297
Other long-term liabilities		293			335
Total liabilities		34,323			28,384
Commitments and contingencies (Note 6)
Redeemable convertible preferred stock, $0.001 par value;
30,443,413 shares authorized as of June 30, 2021 and December 31, 2020; 30,340,098 shares issued and outstanding as of June 30, 2021 and December 31, 2020; and liquidation preference of $166,131 as of June 30, 2021 and December 31, 2020.		164,168			164,168
Stockholders’ deficit:
Common stock, $0.001 par value;
56,500,000 shares and 56,000,000 shares authorized as of June 30, 2021 and December 31, 2020, respectively; and 10,135,510 shares and 9,463,182 shares issued and outstanding as of June 30, 2021 and December 31, 2020, respectively		10			10
Additional paid-in capital		11,948			9,153
Accumulated other comprehensive income		160			135
Accumulated deficit		(139,079	)		(129,998	)
Total stockholders’ deficit		(126,961	)		(120,700	)
Total liabilities, redeemable convertible preferred stock and stockholders’ deficit	$	71,530		$	71,852


MATTERPORT, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE SIX MONTHS ENDED JUNE 30, 2021 AND 2020
(unaudited) (In thousands)
	Six Months Ended June 30,
	2021			2020
CASH FLOWS FROM OPERATING ACTIVITIES
Net Loss	$	(9,081	)	$	(11,798	)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization		2,608			2,349
Amortization of debt discount		135			108
Stock-based compensation, net of amounts capitalized		1,259			1,164
Loss on extinguishment of debt and convertible notes		–			954
Allowance for doubtful accounts		151			241
Loss on disposal of property, plant, and equipment		7			–
Other		43			9
Changes in operating assets and liabilities:
Accounts receivable		(2,918	)		(4,421	)
Inventories		1,024			248
Prepaid expenses and other assets		(1,269	)		(673	)
Accounts payable		1,466			2,980
Deferred revenue		3,024			3,054
Other liabilities		920			2,808
Net cash used in operating activities		(2,631	)		(2,977	)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property and equipment		(326	)		(20	)
Capitalized software and development costs		(3,256	)		(2,454	)
Investment in convertible notes		(1,000	)		–
Net cash used in investing activities		(4,582	)		(2,474	)
CASH FLOW FROM FINANCING ACTIVITIES:
Proceeds from issuance of redeemable convertible preferred stock, net of issuance costs		–			43,689
Proceeds from exercise of stock options		1,342			51
Proceeds from debt		–			5,302
Proceeds from convertible notes, net of issuance costs		–			8,457
Repayment of debt		(2,390	)		(5,922	)
Payment of deferred transaction costs		(1,204	)		–
Other		–			(81	)
Net cash (used in) provided by financing activities		(2,252	)		51,496
Net change in cash, cash equivalents, and restricted cash		(9,465	)		46,045
Effect of exchange rate changes on cash		(104	)		(130	)
Cash, cash equivalents, and restricted cash at beginning of year		52,250			10,152
Cash, cash equivalents, and restricted cash at end of period	$	42,681		$	56,067

Investor Contact:
Soohwan Kim, CFA
VP, Investor Relations
[email protected]

Media Contact:
Naomi Little
Global Communications Manager
[email protected]
+44 203 874 6664

August 11, 2021 4:19 pm

Crescent Capital BDC, Inc. Reports Second Quarter 2021 Financial Results; Declares a Third Quarter 2021 Regular Dividend of $0.41 per Share

LOS ANGELES, Aug. 11, 2021 (GLOBE NEWSWIRE) — Crescent Capital BDC, Inc. (“Crescent BDC” or “Company”) (NASDAQ: CCAP) today reported net investment income of $11.0 million, or $0.39 per share, and adjusted net investment income of $14.8 million, or $0.53 per share,¹ for the quarter ended June 30, 2021. Reported net asset value per share was $20.98 at June 30, 2021 as compared to $20.24 at March 31, 2021.

The Company announced that its Board of Directors declared a regular cash dividend for the third quarter 2021 of $0.41 per share, which will be paid on October 15, 2021 to stockholders of record as of the close of business on September 30, 2021.

Selected Financial Highlights

($ in millions, except per share amounts)

	As of and for the Three Months Ended
	June 30, 2021			March 31, 2021			June 30, 2020
Investments, at fair value	$	1,095.0		$	1,057.6		$	895.2
Total assets	$	1,128.5		$	1,076.8		$	926.3
Total net assets	$	591.0		$	570.0		$	510.3
Net asset value per share	$	20.98		$	20.24		$	18.12

Investment income	$	23.8		$	20.6		$	19.3
Net investment income	$	11.0		$	11.4		$	13.0
Net realized gains (losses), net of taxes	$	2.2		$	1.8		$	(1.1	)
Net change in unrealized gains (losses), net of taxes	$	19.4		$	8.3		$	44.5
Net increase (decrease) in net assets resulting from operations	$	32.6		$	21.5		$	56.4

Net investment income per share	$	0.39		$	0.41		$	0.46
Net realized gains (losses) per share, net of taxes	$	0.08		$	0.06		$	(0.04	)
Net change in unrealized gains (losses) per share, net of taxes	$	0.69		$	0.30		$	1.59
Net increase (decrease) in net assets resulting from operations per share	$	1.16		$	0.76		$	2.01
Distributions paid per share	$	0.41		$	0.41		$	0.41

Non-GAAP Financial Measures¹:
Adjusted net investment income	$	14.8		$	13.0		$	13.0
Adjusted net investment income per share	$	0.53		$	0.46		$	0.46

Weighted average yield on income producing securities (at cost)²		7.8	%		7.9	%		7.9	%
Percentage of debt investments at floating rates		99.6	%		98.4	%		96.9	%

Portfolio & Investment Activity

As of June 30, 2021 and March 31, 2021, the Company had investments in 130 and 131 portfolio companies with an aggregate fair value of $1,095.0 and $1,057.6 million, respectively. The portfolio at fair value was comprised of the following asset types:


Portfolio Asset Types:
	As of
$ in millions	June 30, 2021					March 31, 2021
Investment Type	Fair Value		Percentage			Fair Value		Percentage
Senior secured first lien	$	371.1		33.9	%	$	365.0		34.5	%
Unitranche first lien³		493.7		45.0			468.1		44.3
Unitranche first lien – last out³		13.9		1.3			13.9		1.3
Senior secured second lien		65.3		6.0			81.6		7.7
Unsecured debt		5.5		0.5			5.1		0.5
Equity & other		89.9		8.2			70.3		6.6
LLC/LP equity interests		55.6		5.1			53.6		5.1
Total investments	$	1,095.0		100.0	%	$	1,057.6		100.0	%

For the quarter ended June 30, 2021, the Company invested $121.0 million across 11 new portfolio companies, 13 existing portfolio companies and several follow-on revolver and delayed draw fundings. For this period, the Company had $109.6 million in aggregate exits, sales and repayments.

For the quarter ended March 31, 2021, the Company invested $88.2 million across 6 new portfolio companies, 11 existing portfolio companies and several follow-on revolver and delayed draw fundings. For this period, the Company had $77.2 million in aggregate exits, sales and repayments.

Results of Operations

For the quarter ended June 30, 2021 and March 31, 2021, investment income totaled $23.8 million and $20.6 million, respectively. The increase was primarily driven by an increase in the size of the Company’s income-producing portfolio resulting from organic net deployment and increased acceleration of OID related to paydown activity.

For the quarter ended June 30, 2021 and March 31, 2021, total expenses, including income and excise taxes, totaled $12.8 million and $9.1 million, respectively. The increase was primarily driven by a $3.8 million accrual for capital gains-based incentive fees, attributable to inception to date performance of the portfolio.

Liquidity and Capital Resources

As of June 30, 2021, the Company had $25.8 million in cash and cash equivalents and restricted cash and $220.1 million of undrawn capacity on its credit facilities, subject to borrowing base and other limitations. The weighted average interest rate on the Company’s debt outstanding as of June 30, 2021 was 3.42%.

The Company’s debt to equity ratio was 0.87x as of June 30, 2021.

Non-GAAP Financial Measures

On a supplemental basis, the Company is disclosing adjusted net investment income and adjusted net investment income per share, each of which is a financial measure that is calculated and presented on a basis of methodology other than in accordance with U.S. GAAP (“non-GAAP”). Adjusted net investment income represents net investment income, excluding capital gains incentive fees. We use this non-GAAP financial measure internally to analyze and evaluate financial results and performance and believe that this non-GAAP financial measure is useful to investors as an additional tool to evaluate ongoing results and trends without giving effect to capital gains incentive fees. The Company’s investment advisory agreement provides that a capital gains-based incentive fee is determined and paid annually with respect to realized capital gains (but not unrealized capital appreciation) to the extent such realized capital gains exceed realized capital losses and unrealized capital depreciation on a cumulative basis. We believe that adjusted net investment income is a useful performance measure because it reflects the net investment income produced on the Company’s investments during a period without giving effect to any changes in the value of such investments and any related capital gains incentive fees between periods. The presentation of adjusted net investment income is not intended to be a substitute for financial results prepared in accordance with GAAP and should not be considered in isolation.

The following table provides an unaudited reconciliation of net investment income (the most comparable U.S. GAAP measure) to adjusted net investment income for the periods presented:

	For the three months ended June 30,								For the six months ended June 30,
	2021				2020				2021				2020
$ in millions, except per share data	Amount		Per Share		Amount		Per Share		Amount		Per Share		Amount		Per Share
Net investment income	$	11.0	$	0.39	$	13.0	$	0.46	$	22.4	$	0.80	$	24.5	$	0.90
Capital gains based incentive fee		3.8		0.14		—		—		5.4		0.19		—		—
Adjusted net investment income	$	14.8	$	0.53	$	13.0	$	0.46	$	27.8	$	0.99	$	24.5	$	0.90

Conference Call

The Company will host a webcast/conference call on Thursday, August 12, 2021 at 12:00 p.m. (Eastern Time) to discuss its financial results for the quarter ended June 30, 2021. Please visit Crescent BDC’s webcast link located on the Events & Presentations page of the Investor Relations section of Crescent BDC’s website for a slide presentation that complements the earnings conference call.

All interested parties are invited to participate via telephone or the live webcast, which will be hosted on a webcast link located on the Events & Presentations page of the Investor Resources section of Crescent BDC’s website at www.crescentbdc.com. Please visit the website to test your connection before the webcast. Participants are also invited to access the conference call by dialing one of the following numbers:

Domestic: (855) 982-6679
International: (614) 999-9468
Conference ID: 2489836

All callers will need to enter the Conference ID followed by the # sign and reference “Crescent BDC” once connected with the operator. An archived replay will be available via a webcast link located on the Investor Relations section of Crescent BDC’s website.

Endnotes

Note: Numbers may not sum due to rounding.

1) See “Non-GAAP Financial Measures” above for a description of this non-GAAP measure and a reconciliation from net investment income to adjusted net investment income. The Company’s management uses this non-GAAP financial measure internally to analyze and evaluate financial results and performance and believes that this non-GAAP financial measure is useful to investors as an additional tool to evaluate ongoing results and trends for the Company without giving effect to capital gains incentive fees. The presentation of adjusted net investment income is not intended to be a substitute for financial results prepared in accordance with GAAP and should not be considered in isolation.

2) Yield excludes investments on non-accrual status.

3) Unitranche loans are first lien loans that may extend deeper in a company’s capital structure than traditional first lien debt and may provide for a waterfall of cash flow priority among different lenders in the unitranche loan. In certain instances, the Company may find another lender to provide the “first out” portion of such loan and retain the “last out” portion of such loan, in which case, the “first out” portion of the loan would generally receive priority with respect to payment of principal, interest and any other amounts due thereunder over the “last out” portion that the Company would continue to hold. In exchange for the greater risk of loss, the “last out” portion earns a higher interest rate.

Crescent Capital BDC, Inc.

Consolidated Statements of Assets and Liabilities

(in thousands except share and per share data)

	As of
	June 30, 2021			As of
	(Unaudited)			December 31, 2020
Assets
Investments, at fair value
Non-controlled non-affiliated (cost of $953,309 and $920,693, respectively)	$	967,002		$	923,912
Non-controlled affiliated (cost of $51,536 and $50,431, respectively)		88,073			71,354
Controlled (cost of $40,000 and $40,000, respectively)		39,905			38,735
Cash and cash equivalents		12,991			1,896
Restricted cash and cash equivalents		12,790			12,953
Interest and dividend receivable		6,158			3,859
Unrealized appreciation on foreign currency forward contracts		968			264
Deferred tax assets		161			630
Receivable for investments sold		56			6
Other assets		379			543
Total assets	$	1,128,483		$	1,054,152

Liabilities
Debt (net of deferred financing costs of $6,020 and $4,600, respectively)	$	508,844		$	471,932
Distributions payable		11,549			11,549
Incentive fees payable		5,393			—
Interest and other debt financing costs payable		5,105			3,923
Management fees payable		2,007			1,867
Unrealized depreciation on foreign currency forward contracts		1,163			896
Deferred tax liabilities		794			1,324
Directors’ fees payable		115			98
Accrued expenses and other liabilities		2,491			2,563
Total liabilities	$	537,461		$	494,152

Net Assets
Preferred stock, par value $0.001 per share (10,000 shares authorized, zero outstanding, respectively)	$	—		$	—
Common stock, par value $0.001 per share (200,000,000 shares authorized, 28,167,360 shares issued and outstanding, respectively)		28			28
Paid-in capital in excess of par value		594,658			594,658
Accumulated earnings (loss)		(3,664	)		(34,686	)
Total Net Assets	$	591,022		$	560,000
Total Liabilities and Net Assets	$	1,128,483		$	1,054,152
Net asset value per share	$	20.98		$	19.88

Crescent Capital BDC, Inc.

Consolidated Statements of Operations

(in thousands except share and per share data)

(Unaudited)

	For the three months ended June 30, 2021						For the six months ended June 30,
	2021			2020			2021			2020
Investment Income:
From non-controlled non-affiliated investments:
Interest income	$	20,252		$	15,689		$	38,338		$	32,292
Paid-in-kind interest		415			697			783			1,246
Dividend income		43			—			54			175
Other income		232			620			324			1,060
From non-controlled affiliated investments:
Interest income		291			328			600			671
Paid-in-kind interest		528			481			1,028			485
Dividend income		1,338			712			1,843			1,429
From controlled investments:
Dividend income		700			800			1,400			800
Total investment income		23,799			19,327			44,370			38,158

Expenses:
Interest and other debt financing costs		4,594			3,631			8,788			7,980
Management fees		3,344			2,767			6,551			5,418
Income based incentive fees		2,588			2,267			4,866			4,199
Capital gains based incentive fees		3,816			—			5,393			—
Professional fees		497			364			994			706
Directors’ fees		115			110			234			239
Other general and administrative expenses		691			495			1,384			1,221
Total expenses		15,645			9,634			28,210			19,763
Management fee waiver		(1,337	)		(1,107	)		(2,620	)		(2,264	)
Income based incentive fees waiver		(2,588	)		(2,267	)		(4,866	)		(4,199	)
Net expenses		11,720			6,260			20,724			13,300
Net investment income before taxes		12,079			13,067			23,646			24,858
Income and excise taxes		1,103			111			1,233			349
Net investment income		10,976			12,956			22,413			24,509

Net realized and unrealized gains (losses) on investments:
Net realized gain/(loss) on:
Non-controlled non-affiliated investments		2,471			(1,136	)		4,217			(1,023	)
Foreign currency transactions		133			76			142			(161	)
Net change in unrealized appreciation (depreciation) on:
Non-controlled non-affiliated investments and foreign currency translation		2,830			25,470			10,439			(39,225	)
Non-controlled affiliated investments		16,036			11,548			15,614			8,292
Controlled investments		560			7,914			1,170			(8,929	)
Foreign currency forward contracts		(259	)		(218	)		436			1,972
Net realized and unrealized gains (losses) on investments		21,771			43,654			32,018			(39,074	)
Realized loss on asset acquisition		—			—			—			(3,825	)
Net realized and unrealized gains (losses) on investments and asset acquisition		21,771			43,654			32,018			(42,899	)
Provision for taxes on realized gain on investments		(372	)		—			(372	)		—
Benefit (provision) for taxes on unrealized appreciation (depreciation) on investments		209			(193	)		60			262
Net increase (decrease) in net assets resulting from operations	$	32,584		$	56,417		$	54,119		$	(18,128	)

Per Common Share Data:
Net increase (decrease) in net assets resulting from operations per share (basic and diluted):	$	1.16		$	2.00		$	1.92		$	(0.67	)
Net investment income per share (basic and diluted):	$	0.39		$	0.46		$	0.80		$	0.90
Weighted average shares outstanding (basic and diluted):		28,167,360			28,163,643			28,167,360			27,190,817

About Crescent BDC

Crescent BDC is a business development company that seeks to maximize the total return of its stockholders in the form of current income and capital appreciation by providing capital solutions to middle market companies with sound business fundamentals and strong growth prospects. Crescent BDC utilizes the extensive experience, origination capabilities and disciplined investment process of Crescent Capital Group LP (“Crescent”). Crescent BDC is externally managed by Crescent Cap Advisors, LLC, a subsidiary of Crescent. Crescent BDC has elected to be regulated as a business development company under the Investment Company Act of 1940. For more information about Crescent BDC, visit www.crescentbdc.com. However, the contents of such website are not and should not be deemed to be incorporated by reference herein.

About Crescent Capital Group

Crescent is a global credit investment manager with approximately $34 billion of assets under management. For nearly 30 years, the firm has focused on below investment grade credit through strategies that invest in marketable and privately-originated debt securities including senior bank loans, high yield bonds, as well as private senior, unitranche and junior debt securities. Crescent is headquartered in Los Angeles with offices in New York, Boston, and London and more than 180 employees globally. For more information about Crescent, visit www.crescentcap.com. However, the contents of such website are not and should not be deemed to be incorporated by reference herein.

Contact:

Daniel McMahon
[email protected]
212-364-0149

Forward-Looking Statements

This press release, and other statements that Crescent BDC may make, may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act, with respect to Crescent BDC’s future financial or business performance, strategies or expectations. Forward-looking statements are typically identified by words or phrases such as “trend,” “potential,” “opportunity,” “pipeline,” “believe,” “comfortable,” “expect,” “anticipate,” “current,” “intention,” “estimate,” “position,” “assume,” “outlook,” “continue,” “remain,” “maintain,” “sustain,” “seek,” “achieve,” and similar expressions, or future or conditional verbs such as “will,” “would,” “should,” “could,” “may” or similar expressions.

Crescent BDC cautions that forward-looking statements are subject to numerous assumptions, risks and uncertainties, which may change over time. Forward-looking statements speak only as of the date they are made, and Crescent BDC assumes no duty to and does not undertake to update forward-looking statements. Actual results could differ materially from those anticipated in forward-looking statements and future results could differ materially from historical performance.

In addition to factors previously disclosed in Crescent BDC’s SEC reports and those identified elsewhere in this press release, the following factors, among others, could cause actual results to differ materially from forward-looking statements or historical performance: (1) our future operating results; (2) our business prospects and the prospects of our portfolio companies; (3) the impact of investments that we expect to make; (4) our contractual arrangements and relationships with third parties; (5) the dependence of our future success on the general economy and its impact on the industries in which we invest; (6) the financial condition of and ability of our current and prospective portfolio companies to achieve their objectives; (7) our expected financings and investments; (8) the adequacy of our cash resources and working capital, including our ability to obtain continued financing on favorable terms; (9) the timing of cash flows, if any, from the operations of our portfolio companies; (10) the impact of increased competition; (11) the ability of our investment adviser to locate suitable investments for us and to monitor and administer our investments; (12) potential conflicts of interest in the allocation of opportunities between us and other investment funds managed by our investment adviser or its affiliates; (13) the ability of our investment adviser to attract and retain highly talented professionals; (14) changes in law and policy accompanying the new administration and uncertainty pending any such changes; (15) increased geopolitical unrest, terrorist attacks or acts of war, which may adversely affect the general economy, domestic and local financial and capital markets, or the specific industries of our portfolio companies; (16) changes and volatility in political, economic or industry conditions, the interest rate environment, foreign exchange rates or financial and capital markets; (17) the unfavorable resolution of legal proceedings; and (18) the impact of changes to tax legislation and, generally, our tax position.

Crescent BDC’s Annual Report on Form 10-K for the year ended December 31, 2020 and quarterly report on Form 10-Q for the quarter ended June 30, 2021, each filed with the SEC, identify additional factors that can affect forward-looking statements.

Other Information

The information in this press release is summary information only and should be read in conjunction with Crescent BDC’s annual report on Form 10-K for the year ended December 31, 2020, which Crescent BDC filed with the U.S. Securities and Exchange Commission (the SEC) on February 24, 2021, Crescent BDC’s quarterly report on Form 10-Q for the quarter ended June 30, 2021, which Crescent BDC filed with the SEC on August 11, 2021, as well as Crescent BDC’s other reports filed with the SEC. A copy of Crescent BDC’s annual report on Form 10-K for the year ended December 31, 2020, Crescent BDC’s quarterly reports on Form 10-Q and Crescent BDC’s other reports filed with the SEC can be found on Crescent BDC’s website at www.crescentbdc.com and the SEC’s website at www.sec.gov.

August 11, 2021 4:19 pm

Navient declares third quarter common stock dividend

WILMINGTON, Del., Aug. 11, 2021 (GLOBE NEWSWIRE) — Navient (Nasdaq: NAVI), a leader in education loan management and business processing solutions, announced that its board of directors approved a 2021 third quarter dividend of $0.16 per share on the company’s common stock.

The third quarter 2021 dividend will be paid on September 17, 2021, to shareholders of record at the close of business on September 3, 2021.

About Navient

Navient (Nasdaq: NAVI) is a leading provider of education loan management and business processing solutions for education, healthcare, and government clients at the federal, state, and local levels. Navient helps clients and millions of Americans achieve success through technology-enabled financing, services, and support. Learn more at Navient.com.

Contact:

Media: Paul Hartwick, 302-283-4026, [email protected]

Investors: Nathan Rutledge, 703-984-6801, [email protected]

August 11, 2021 4:19 pm

NeoGames Announces Second Quarter 2021 Results

–
Second Quarter Revenues of $12.9 Million (
down
0.6%
yoy
) And Share in NPI Revenue Interests of $8.5 Million (up 434%
yoy
) totaling $21.4 Million (up 47.
0
%
yoy
) –

– Second Quarter Net Income of $0.11 Per
Share –

– Second Quarter Adjusted EBITDA
¹
of $8.3 Million (up 6.6%
yoy
) –

–
R
aises
Full Year
2021 Revenue
and Share in NPI Revenues Interest
Guidance
to
between
$
7
5
and
$
7
9
Million
–

LUXEMBOURG, Aug. 11, 2021 (GLOBE NEWSWIRE) — NeoGames S.A. (Nasdaq: NGMS) (“NeoGames” or the “Company”), a technology-driven provider of end-to-end iLottery solutions, announced today financial results for the second quarter ended June 30, 2021.

Moti Malul, Chief Executive Officer of NeoGames, said: “We are increasingly encouraged by the performance and development of the various markets and customers we support, notwithstanding expected seasonal impacts during the quarter. In particular, this quarter has seen continued strong growth in Alberta, where new gaming verticals were added, as well as further expansion of our games content into new markets and customers with contracts in Ukraine and Italy, which prove the market leading position of our offering.”

“Our substantial growth and strong performance over the past year gives us confidence that we are well positioned to maintain our position as the premier innovator and provider of iLottery solutions to the global lottery industry. As we continue to prove the effectiveness of our offering in engaging and maintaining players as well as enabling state and local governments to generate more revenue they can deploy for public benefit. We are proud and honored that our achievements are recognized by the industry, demonstrated by our recent win of the EGR B2B Awards as the Best Lottery Supplier for 2021. We are confident that we will continue to be the first choice for both full-service offerings and content relationships as additional jurisdictions see the value iLottery can offer.”

Second
Quarter
202
1
Financial Highlights

Revenues were $12.9 million during the second quarter of 2021, compared to $13.0 million during the second quarter of 2020, representing a decrease of 0.6% year-over-year. In addition, the Company’s share of NPI revenues was $8.5 million during the second quarter of 2021, compared to $1.6 million during the second quarter of 2020, representing an increase of 434% year-over-year. The total of revenues and the Company’s share of NPI’s revenues was $21.4 million during the second quarter of 2021 compared to $14.6 million during the second quarter of 2020, representing an increase of 47.0% year-over-year.
Comprehensive income was $2.8 million, or $0.11 per share, during the second quarter of 2021, compared to comprehensive income of $2.4 million, or $0.11 per share, during the second quarter of 2020.
Adjusted EBITDA was $8.3 million during the second quarter of 2021, compared to an Adjusted EBITDA of $7.8 million during the second quarter of 2020, representing an increase of 6.6% year-over-year.¹
Network NGR was $187 million during the second quarter of 2021, compared to $112 million during the second quarter of 2020, representing an increase of 67.2% year-over-year.¹

__________________
¹ Adjusted figures represent non-IFRS information. See “Non-IFRS Financial Measures” and the tables at the end of this release for an explanation of the adjustments and reconciliations to the comparable IFRS numbers.

Second
Quarter 2021
Business Highlights

Performance in Alberta has continued to exceed expectations during the province’s third live quarter. A successful launch of draw games and growth in existing and new players continue to drive the customer.
Signed contract with Lottomatica in Italy to provide its successful eInstant games portfolio.
Subsequent to quarter-end, signed contract to enter the Ukrainian market through a deal with Ukrainian National Lottery UNL, illustrating the international appeal of our content.
Chosen as the 2021 EGR B2B Award winner for Best Lottery Supplier.
Appointed Christopher G. Shaban, a senior lottery industry professional, as EVP Sales, Marketing and Customer Development.
Subsequent to quarter end, launched Multi-Game progressive jackpot for eInstants.

Guidance

The Company is raising its fiscal year 2021 Revenue and Share in NPI Revenues Interest Guidance to between $75 million and $79 million, compared to the prior range of between $73 million and $77 million.

Conference Call & Webcast Details

NeoGames will host a live conference call and audio webcast on Thursday, August 12, 2021 at 8:30 a.m. Eastern Time, during which management will discuss the Company’s second quarter results and provide commentary on business performance. A question and answer session will follow the prepared remarks.

The conference call may be accessed by dialing (833) 301-1152 for U.S. domestic callers or (914) 987-7393 for international callers. Once connected with the operator, please provide the conference ID of 8593557.

A live audio webcast of the earnings conference call may be accessed on the Company’s website at ir.neogames.com. The replay of the audio webcast and accompanying presentation will be available on the Company’s investor relations website shortly after the call.

About
NeoGames

NeoGames is a technology-driven innovator and a global provider of iLottery solutions for national and state-regulated lotteries. NeoGames’ full-service solution combines proprietary technology platforms with the experience and expertise required for successful iLottery operations. NeoGames’ pioneering game studio encompasses an extensive portfolio of engaging online lottery games that deliver an entertaining player experience. As a trusted partner to lotteries worldwide, the Company works with its customers to maximize their success, offering a comprehensive solution that empowers them to deliver enjoyable and profitable iLottery programs to their players, generate more revenue, and direct proceeds to good causes.

Forward-looking Statements

Certain statements in this press release may constitute “forward-looking” statements and information, within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995 that relate to our current expectations and views of future events. In some cases, these forward-looking statements can be identified by words or phrases such as “may,” “will,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “potential,” “continue,” “is/are likely to” or other similar expressions. These forward-looking statements are subject to risks, uncertainties and assumptions, some of which are beyond our control. In addition, these forward-looking statements reflect our current views with respect to future events and are not a guarantee of future performance. Actual outcomes may differ materially from the information contained in the forward-looking statements as a result of a number of factors, including, without limitation, the following: we have a concentrated customer base, and our failure to retain our existing contracts with our customers could have a significant adverse effect on our business; we do not have a formal joint venture agreement or any other operating or shareholders’ agreement with Pollard Banknote Limited (“Pollard”) with respect to NPI, our joint venture with Pollard, through which we conduct a substantial amount of our business; a reduction in discretionary consumer spending could have an adverse impact on our business; the growth of our business largely depends on our continued ability to procure new contracts; we incur significant costs related to the procurement of new contracts, which we may be unable to recover in a timely manner, or at all; intense competition exists in the iLottery industry, and we expect competition to continue to intensify; our information technology and infrastructure may be vulnerable to attacks by hackers or breached due to employee error, malfeasance or other disruptions; in addition to competition with other iLottery providers, we and our customers also compete with providers of other online offerings; the gaming and lottery industries are heavily regulated, and changes to the regulatory framework in the jurisdictions in which we operate could harm our existing operations; while we have not experienced a material impact to date, the ongoing COVID-19 pandemic, including variants and similar health epidemics and contagious disease outbreaks could significantly disrupt our operations and adversely affect our business, results of operations, cash flows or financial condition; and other risk factors set forth in Item 3.D. “Key Information-Risk Factors” in our annual report on Form 20-F for the year ended December 31, 2020, filed with the Securities and Exchange Commission on April 16, 2021, and other documents filed with or furnished to the SEC.

These statements reflect management’s current expectations regarding future events and operating performance and speak only as of the date of this press release. You should not put undue reliance on any forward-looking statements. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee that future results, levels of activity, performance and events and circumstances reflected in the forward-looking statements will be achieved or will occur. Except as required by applicable law, we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events.

Non-
IFRS
Financial Measures

This press release includes EBIT, EBITDA, Adjusted EBITDA, Network NGR, NPI and NPI Revenues Interest, which are financial measures not presented in accordance with IFRS. We use these financial measures to supplement our results presented in accordance with IFRS. We include these non-IFRS financial measures because they are used by our management to evaluate our operating performance and trends and to make strategic decisions regarding the allocation of capital and new investments.

EBIT, EBITDA, and
Adjusted EBITDA. We define “EBIT” as net income (loss), plus income taxes, and interest and finance-related expenses. We define “EBITDA” as EBIT, plus depreciation and amortization. We define Adjusted EBITDA as EBITDA, plus share-based compensation, initial public offering charges and the Company’s share of NPI’s depreciation and amortization. We believe EBIT, EBITDA and Adjusted EBITDA are useful in evaluating our operating performance, as they are regularly used by security analysts, institutional investors and others in analyzing operating performance and prospects. Adjusted EBITDA is not intended to be a substitute for any IFRS financial measure and, as calculated, may not be comparable to other similarly titled measures of performance of other companies in other industries or within the same industry.

Network NGR. We define “NGR” as (i) in North America, gross sales less winnings paid to players and any promotion dollar incentives granted to players, and (ii) in Europe, gross sales less winnings paid to players, any gambling tax or duty paid on such sales and any promotion dollar incentives granted to players. We measure Network NGR as the total NGR generated by Instants and DBGs on our platform. As most of our revenue share contracts are based on NGR, tracking Network NGR provides us with insight as to the marginal contribution of GGR growth to our revenues and allows us to detect inefficiencies in our GGR growth strategy.

NPI. Refers to NeoPollard Interactive LLC that represents the Company’s 50/50 joint venture with Pollard Banknote Limited (“Pollard”). The joint venture was formed for the purpose of identifying, pursuing, winning and executing iLottery contracts in the North American lottery market. NPI is managed by an executive board of four members, consisting of two members appointed by NeoGames and two members appointed by Pollard. NPI has its own general manager and dedicated workforce and operates as a separate entity. However, it relies on NeoGames and Pollard for certain services, such as technology development, business operations and support services from NeoGames and corporate services, including legal, banking and certain human resources services, from Pollard.

NPI Revenues Interest
. NPI Revenues Interest is not recorded as revenues in our consolidated statements of comprehensive income, but rather is reflected in our consolidated financial statements in accordance with the equity method, as we share 50% of the profit (loss) of NPI subject to certain adjustments.

Contacts

Investor Contact:
[email protected]

Media Relations:
[email protected]

NeoGames
S.A.

Consolidated Condensed
Balance Sheets

(
U.S. dollars
in thousands)

	June 30,			December 31,
	2021			2020
ASSETS	Unaudited			Audited
CURRENT ASSETS
Cash and cash equivalents	$	65,395		$	59,767
Designated Cash		2,917			–
Restricted deposits		12			12
Prepaid expenses and other receivables		2,312			1,446
Due from Aspire Group		787			56
Due from the Michigan Joint Operation and NPI		2,827			3,192
Trade receivables		3,869			3,701
Total Current Assets	$	78,119		$	68,174
NON-CURRENT ASSETS
Restricted deposits		159			164
Restricted deposits – Joint Venture		3,773			3,773
Property and equipment		1,308			1,301
Intangible assets		19,875			17,835
Right-of-use assets		2,389			3,127
Deferred taxes		273			211
Total Non-Current Assets		27,777			26,411
Total assets	$	105,896		$	94,585

LIABILITIES AND EQUITY
CURRENT LIABILITIES
Trade and other payables	$	4,619		$	4,910
Lease liabilities		1,486			1,651
Capital notes, loans and accrued interest due to Aspire Group		19,337			–
Loans and other due to William Hill, net		–			1,972
Employees withholding payable		2,917			–
Employees’ related payables and accruals		4,241			3,562
Total Current Liabilities	$	32,600		$	12,095
NON-CURRENT LIABILITIES
Capital notes, loans and accrued interest due to Aspire Group	$	–		$	17,739
Loans and other due to William Hill, net		11,766			10,666
Company share of Joint Venture net liabilities		1,101			1,025
Lease liabilities		1,198			1,855
Accrued severance pay, net		414			384
Total Non-Current Liabilities	$	14,479		$	31,669
EQUITY
Share capital		44			44
Reserve with respect to transaction under common control		(8,467	)		(8,467	)
Reserve with respect to funding transactions with related parties		20,072			20,072
Share premium		70,450			68,608
Share based payments reserve		3,336			3,907
Accumulated losses		(26,618	)		(33,343	)
Total Equity		58,817			50,821
Total liabilities and equity	$	105,896		$	94,585

NeoGames
S.A.

Consolidated Condensed Statements of
Comprehensive Income

(Unaudited
,
U.S. dollars
in thousands
, except per share amounts
)

	Quarter ended June 30,						Year to date June 30,
	2021			2020			2021			2020

Revenues	$	12,887		$	12,961		$	26,236		$	22,071
Distribution expenses		2,440			1,596			5,086			2,863
Development expenses		1,936			1,553			4,174			3,436
Selling and marketing expenses		329			318			607			764
General and administrative expenses		2,881			1,702			5,542			3,252
Initial public offering expenses		–			1,089			–			1,089
Depreciation and amortization		3,552			2,832			6,907			5,539
		11,138			9,090			22,316			16,943
Profit from operations		1,749			3,871			3,920			5,128
Interest expenses with respect to funding from related parties		1,230			1,037			2,414			2,053
Finance income		–			–			–			-22
Finance expenses		11			169			235			482
Profit befo re income taxes expenses		508			2,665			1,271			2,615
Income taxes expenses		(412	)		(99	)		(1,069	)		(426	)
Profit after income taxes expenses		96			2,566			202			2,189
The Company’ share in profits (losses) of Joint Venture		2,679			(175	)		6,523			(676	)
Net and tot al comprehensive income	$	2,775		$	2,391		$	6,725		$	1,513

Net income per ordinary share outstanding, basic	$	0.11		$	0.11		$	0.27		$	0.07
Net income per ordinary share outstanding, diluted	$	0.10		$	0.10		$	0.25		$	0.06

Weighted average number of ordinary shares outstanding:
Basic		25,150,311			21,994,489			25,067,083			21,994,408
Diluted		26,629,500			23,392,060			26,611,557			23,402,028

NeoGames
S.A.

Reconciliation of
Comprehensive
Income
to Adjusted EBITDA

(Unaudited
,
U.S. dollars
in thousands)


	Quarter ended June 30,				Year to date June 30,
	2021		2020		2021		2020

Net and tot al comprehensive income	$	2,775	$	2,391	$	6,725	$	1,513
Income Taxes		412		99		1,069		426
Interest and finance-related expenses		1,241		1,206		2,649		2,513
EBIT		4,428		3,696		10,443		4,452
Depreciation and amortization		3,552		2,832		6,907		5,539
EBITDA		7,980		6,528		17,350		9,991
Initial public offering costs		–		1,089		–		1,089
Share based compensation		274		126		540		523
Company share of NPI depreciation and amortization		55		51		108		100
Adjusted EBITDA	$	8,309	$	7,794	$	17,998	$	11,703

NeoGames
S.A.

Revenues generated by
NeoGames
as well as Company’s share in NPI Revenues Interest

(Unaudited
,
U.S. dollars
in thousands)


	Quarter ended June 30,				Year to date June 30,
	2021		2020		2021		2020

Royalties from turnkey contracts	$	7,620	$	9,212	$	16,065	$	14,430
Royalties from games contracts		503		410		979		800
Use of IP rights		2,001		1,497		3,864		3,094
Development and other services – Aspire		448		511		928		1,348
Development and other services – NPI		1,925		1,045		3,724		1,744
Development and other services – Michigan Joint Operation		390		286		676		655
Revenues	$	12,887	$	12,961	$	26,236	$	22,071
NeoGames’ NPI Revenues Interest	$	8,506	$	1,593	$	16,754	$	2,579

August 11, 2021 4:19 pm

BM Technologies Reports Record Results for Second Quarter & First Half of 2021

Q2 2021 Core EBITDA of $5.2M, an 11x Increase YOY Ending Serviced Deposits Increased 137% YOY to $1.6 billion

RADNOR, Pa., Aug. 11, 2021 (GLOBE NEWSWIRE) — BM Technologies Inc. (NYSE American: BMTX) (“BM Technologies,” “BMTX,” “we,” or the “Company”) one of the largest digital banking platforms in the country, today reported record results for the first half of 2021.

FINANCIAL HIGHLIGHTS

Q2 2021 GAAP revenues of $22.9 million, a 48% increase compared to Q2 2020. Q2 2021 core¹ revenues were $22.7 million, a 46% increase compared to Q2 2020.
Q2 2021 GAAP net loss of $1.8 million due to a $3.1 million noncash loss on the revaluation of the private warrant liability.
Core earnings¹ were $1.2 million in Q2 2021, or $0.10 per diluted share, compared to a core net loss of $4.1 million, or -$0.67 per diluted share in Q2 2020.
Q2 2021 Core EBITDA¹ totaled $5.2 million, which increased 11x YOY; EBITDA margin was 23% in Q2 2021 compared to (3)% in Q2 2020.
Continued positive operating leverage. Q2 2021 core revenue increased $7.1 million, or 46% compared to Q2 2020, while core operating expenses (excluding depreciation and amortization) increased $1.4 million, or 9%.
Strong liquidity. Cash totaled $19.6 million at June 30, 2021. The company repaid $5.4 million of borrowings in Q2 2021; there is currently zero balance on its $10.0 million line of credit.

BUSINESS HIGHLIGHTS

Average serviced deposits totaled $1.6 billion in Q2 2021, a 126% increase compared to Q2 2020. Average new business serviced deposits increased 616% compared to Q2 2020.
Debit card spend was $828 million in Q2 2021, a 19% increase compared to Q2 2020. New business debit spend increased 91% compared to Q2 2020.
Higher Education Organic Deposits (deposits that are not part of a school disbursement) for the 3 months ended June 30, 2021 increased 7% year over year to $566 million, and for the 6 months ended June 30, 2021 increased 29% year over year to $1.2 billion.
Increasing serviced deposits, debit card spend, and organic deposits are strong indicators of improving engagement and primary banking behavior.
Our high volume, low-cost customer acquisition strategy continues to yield a customer acquisition cost (CAC) below $10 per active account.²
Un-annualized revenue per 90 day active account increased 41% YOY to $45 in Q2 2021.
Approximately 200,000 new accounts opened in 1H 2021
BMTX announced a key product partnership this quarter for credit monitoring and identity protection; we also signed a Workplace Banking distribution partner, and signed agreements with 8 new colleges and universities.
BMTX recently announced plans to serve banks and credit unions with our “Banking-as-a-Service” (BaaS) product offering.

Luvleen Sidhu, BMTX’s Chair, Chief Executive Officer, and Founder commented, “We are excited to announce record results for the second quarter and first half of 2021, reflecting strong revenue growth and improving profitability. We generated $13.9M of core EBITDA in the first half of 2021, nearly four times all of 2020. We also announced several new product and distribution partnerships this quarter, positioning us well for the future. We remain excited about our business and financial outlook.”

Business Update

BMTX operates in 3 verticals: higher education and student banking, white label banking and workplace banking.

Higher Education & Student Banking

During the first half of 2021 we retained more than 99% of our higher education institutions and disbursed $6.4 billion in refunds to students, including $902 million into BankMobile Vibe Accounts held at our partner bank. Organic deposits (deposits that are not part of a school disbursement) increased 29% compared to the first half of 2020 to $1.2 billion, indicating strong primary banking behavior. The average balance per active account increased 15% YoY to approximately $1,700 and the spend per active account increased 21% YoY to approximately $1,975. We also saw an increase in positive balance savings accounts of approximately 36% YOY. We have found that savings account customers are more engaged and loyal customers.

We are excited about our continued expansion in the higher education vertical; in the second quarter we signed a contract with a partner to provide credit monitoring and identity protection services to enhance our product offering. We also signed contracts with 8 new colleges and universities across the U.S. providing 47K more students access to BankMobile Disbursements and BankMobile Vibe checking accounts annually. Additionally, we continue working towards the launch of a co-branded BankMobile Google Plex account next year, which we expect will result in more students choosing a BankMobile account to receive their refund.

“New Business” (White Label and Workplace Banking)

We continue to experience significant growth in our “new” business, with Q2 2021 year-over-year growth of 616% in average serviced deposits and 91% growth in debit card spend. We also want to highlight the significant primary account usage patterns of our most active white label account holders. In Q2 2021, highly active users (with both direct deposit and a minimum of 5 customer driven transactions per month) annualized debit card spend was nearly $17,000 annually and average deposit balances per account was over $4,000. This very attractive cohort makes up approximately 16% of active accounts, compared to 12% in the second quarter of 2020. We continue to actively work a pipeline of prospective new white label customers to offer a suite of financial services products through our proprietary technology stack. We also recently announced our plans to serve banks and credit unions with our “Banking-as-a-Service” (BaaS) product offering. BMTX will help these financial institutions accelerate their digital strategies with state-of-the-art mobile and web-based banking apps and also provide back office banking operations, compliance, fraud and risk management and customer service support if needed.

In late 2020, we launched our workplace banking business. We see considerable opportunity to partner with employers, financial benefit marketplaces, and other fin-tech companies to provide financial services benefits, including competitive checking accounts, savings accounts, and lending products to employees. Our workplace banking product includes a partnership with Prudential Financial, Inc. to provide financial wellness services; this year we announced a partnership with GoAskJay, a direct-to-consumer insurance and financial marketplace.

FINANCIAL HIGHLIGHTS

Q2 2021 GAAP revenues totaled $22.9 million, a 48% increase compared to Q2 2020. Q2 2021 core revenues increased 46% to $22.7 million compared to Q2 2020. Core revenue is a non-GAAP measure which management believes provides investors an enhanced understanding of our business excluding the effects of items we do not consider indicative of our core operating performance; a reconciliation appears later in this release.

Core EBITDA³ totaled $5.2 million in Q2 2021 compared to $(0.5) million in Q2 2020:

																	YOY Change
(dollars in thousands)	Q2 2021			Q1 2021			Q4 2020			Q3 2020			Q2 2020				$			%
Interchange and card revenue	$	7,186		$	8,351		$	6,232		$	7,377		$	6,069			$	1,117		18		%
Deposit servicing fees	10,387			9,089			6,782			5,718			5,145				5,242			102		%
Account fees	2,641			2,686			2,791			2,789			2,819				(178		)	(6	)	%
University fees	1,331			1,324			1,292			1,348			1,395				(64		)	(5	)	%
Other	1,156			2,650			154			1,010			124				1,032			NM
Core Revenues ³	$	22,701		$	24,100		$	17,251		$	18,242		$	15,552			$	7,149		46		%
Servicing fee adjustment	192			283			80			96			(120		)		312			NM
Total GAAP oper. revenues	22,893			24,383			17,331			18,338			15,431				7,462			48		%

Core OpEx (Excl. Dep/Amor) ³	$	17,530		$	15,370		$	15,715		$	14,561		$	16,088			1,442			9		%
Servicing fee adjustment	192			283			80			96			(120		)		312			(260	)	%
Merger expense	—			—			287			377			25				(25		)	(100	)	%
Non-cash equity compensation	10			3			98			93			106				(96		)	(91	)	%
Non-cash software write-down							1,248
Depreciation and amortization	2,950			2,960			3,042			2,601			3,045				(95		)	(3	)	%
Total GAAP oper. expenses	$	20,682		$	18,616		$	20,470		$	17,728		$	19,144			1,538			8		%

Core EBITDA ³	$	5,171		$	8,730		$	1,535		$	3,681		$	(536	)		$	5,707		NM
Core EBITDA Margin³	23		%	36		%	9		%	20		%	(3		)	%

NM refers to changes greater than 150%

Interchange and card revenue increased 18% to $7.2 million in Q2 2021 driven by a 19% increase in debit spend. Core deposit servicing fees increased 102% to $10.4 million, driven by a 126% increase in average serviced deposits. Account fees declined $0.2 million, or 6%. Other revenues increased $1.0 million, primarily due to additional development revenues from a white label partner, which vary from quarter-to-quarter based on project status, costs, contract status, and milestones.

Q2 2021 GAAP expenses, including depreciation and amortization, totaled $20.7 million, an 8% increase from Q2 2020. Core operating expenses, excluding depreciation and amortization, increased 9% to $17.5 million, substantially slower than the growth in core revenues. Depreciation and amortization totaled $3.0 million in Q2 2021, a 3% decrease from Q2 2020. Interest expense declined to $42 thousand in Q2 2021 compared to $399 thousand in Q2 2020 given the reduction in debt outstanding.

An updated version of BMT’s investor presentation will be posted on the Company’s Investor Relations website at ir.bmtxinc.com.

2021 OUTLOOK

“We continue to demonstrate strong performance in Q2 2021 and are pleased to announce that we beat consensus estimates for revenue and EBITDA⁴. We are excitedly working towards expanding our existing product partnerships, adding new white label partners, launching a co-branded BankMobile Google Plex account in partnership with Google, and expanding our workplace banking vertical. We remain on track to reach our 2021 EBITDA target of $20 million to $22 million,” concluded Sidhu.

EARNINGS WEBCAST

The company will host a live webcast to discuss its first quarter results at 9AM on Thursday, August 12, 2021. The webcast can be accessed via its investor relations site (https://ir.bmtxinc.com/) by clicking on “Events & Presentations”, then “Events Calendar,” and following the link under “Upcoming Events;” or directly at
https://event.on24.com/wcc/r/3194056/1BCA483973BF96219C8FAC34DA199D5D.

Contact Information

Investors:
Bob Ramsey
Chief Financial Officer, BM Technologies, Inc. (BMTX)
571-236-8851
[email protected]

Media Inquiries:
Sara Klein
Rubenstein Public Relations, Inc.
212-805-3018
[email protected]

ABOUT BM TECHNOLOGIES, INC.

BM Technologies, Inc. (NYSE American: BMTX)—formerly known as BankMobile—is among the largest digital banking platforms in the U.S., providing access to checking and savings accounts, personal loans, credit cards, and financial wellness. It is focused on technology, innovation, easy-to-use products, and education with the mission of being “customer-obsessed” and creating “customers for life.” The BM Technologies (BMTX) digital banking platform employs a multi-partner distribution model, known as “Banking-as-a-Service” (BaaS), that enables the acquisition of customers at higher volumes and substantially lower expense than traditional banks, while providing significant benefits to its customers, partners and business. BM Technologies (BMTX) currently has approximately two million accounts and provides disbursement services at approximately 735 college and university campuses (covering one out of every three college students in the U.S.). BM Technologies, Inc. (BMTX) is a technology company and is not a bank, which means it provides banking services through its partner bank. More information can also be found at www.bmtx.com.

FORWARD LOOKING STATEMENTS

This release may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainty. Words such as “anticipate,” “estimate,” “expect,” “intend,” “plan,” and “project” and other similar words and expressions are intended to signify forward-looking statements. Forward-looking statements are not guarantees of future results and conditions but rather are subject to various risks and uncertainties. Such statements are based on management’s current expectations and are subject to a number of risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. Investors are cautioned that there can be no assurance actual results or business conditions will not differ materially from those projected or suggested in such forward-looking statements as a result of various factors. These risks and uncertainties include, but are not limited to, general economic conditions, consumer adoption, technology and competition, the ability to enter into new partnerships, regulatory risks, risks associated with the higher education industry and financing, and the operations and performance of the Company’s partners, including white-label partners, and other factors described in the section entitled “Risk Factors” and in the Company’s periodic filings with the Securities and Exchange Commission (“SEC”). The Company’s SEC filings are available publicly on the SEC website at www.sec.gov. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, unless required by law.

UNAUDITED FINANCIAL STATEMENTS

BM TECHNOLOGIES, INC.

CONSOLIDATED STATEMENTS OF INCOME (LOSS) – UNAUDITED

(amounts in thousands, except earnings per share)

	For the Three Months Ended June 30,									For the Six Months Ended June 30,
	2021				2020					2021			2020
Operating revenues:
Interchange and card revenue	$	7,186			$	6,069			$	15,537			$	12,676
Servicing fees from partner bank		10,579				5,024				19,951				9,789
Account fees		2,641				2,819				5,327				5,728
University fees		1,331				1,395				2,655				2,680
Other		1,156				124				3,806				316
Total operating revenues		22,893					15,431			47,276				31,189
Operating expenses:
Technology, communication, and processing		8,924				7,870				17,576				13,948
Salaries and employee benefits		7,170				6,640				12,593				14,105
Professional services		2,126				1,170				3,863				5,128
Provision for operating losses		1,401				1,024				2,730				1,907
Occupancy		284				386				636				805
Customer related supplies		186				472				661				523
Advertising and promotion		125				210				316				427
Merger and acquisition related expenses		—				25				—				75
Other		466				1,347				923				2,117
Total operating expenses		20,682				19,144				39,298				39,035
Income (loss) from operations		2,211				(3,713		)		7,978				(7,846		)
Non-operating expenses:
(Loss) gain on fair value of private warrant liability		(3,056		)		—				11,947				—
Interest expense		(42		)		(399		)		(96		)		(793		)
(Loss) income before income tax expense		(887		)		(4,112		)		19,829				(8,639		)
Income tax expense		949				7				2,776				14
Net (loss) income	$	(1,836		)	$	(4,119		)	$	17,053			$	(8,653		)

Basic shares outstanding		11,900				6,123				11,900				6,123
Diluted shares outstanding		11,900				6,123				13,314				6,123

Basic earnings (loss) per common share		$	(0.15	)		$	(0.67	)		$	1.43			$	(1.41	)
Diluted earnings (loss) per common share		$	(0.15	)		$	(0.67	)		$	0.38			$	(1.41	)

BM TECHNOLOGIES, INC.

CONSOLIDATED BALANCE SHEETS — UNAUDITED

(amounts in thousands)


	June 30, 2021		December 31, 2020
ASSETS
Cash and cash equivalents	$	19,589	$	2,989
Accounts receivable	8,257		7,384
Prepaid expenses and other current assets	1,786		2,348
Total current assets	29,632		12,721
Premises and equipment, net	349		401
Developed software, net	34,155		39,657
Goodwill	5,259		5,259
Other intangibles, net	4,910		5,070
Other assets	740		853
Total assets	$	75,045	$	63,961
LIABILITIES AND SHAREHOLDERS’ EQUITY
Liabilities:
Accounts payable and accrued liabilities	$	13,617	$	7,346
Taxes payable	1,317		—
Payable to partner bank	7,117		5,105
Borrowings from partner bank	—		21,000
Current portion of operating lease liabilities	719		701
Deferred revenue, current	4,763		2,588
Total current liabilities	27,533		36,740

Non-current liabilities:
Operating lease liabilities	55			430
Deferred revenue, non-current	1,512			2,101
Liability for private warrants	18,893			—
Total liabilities	$	47,993		$	39,271
Commitments and contingencies (Note 8)
Shareholders’ equity:
Preferred stock: Par value $0.0001 per share; 10,000,000 authorized, none issued or outstanding.
Common stock: Par value $0.0001 per share; 1 billion shares authorized; 12,200,378 shares issued and outstanding at June 30, 2021; 6,123,432 shares issued and outstanding at December 31, 2020.	1			1
Additional paid in capital	49,326			64,017
Accumulated deficit	(22,275		)	(39,328		)
Total shareholders’ equity	$	27,052		$	24,690
Total liabilities and shareholders’ equity	$	75,045		$	63,961

NON-GAAP FINANCIAL RECONCILIATIONS – UNAUDITED

Certain financial measures used in this Press Release are not defined by U.S. generally accepted accounting principles (“GAAP”) and as such are considered non-GAAP financial measures. Core revenues, expenses, and EBITDA exclude the effects of items we do not consider indicative of our core operating performance, including fair value mark to market income or expense associated with certain warrants. Management believes the use of core revenues, expenses, and EBITDA are appropriate to provide investors with an additional tool to evaluate the Company’s ongoing business performance. Investors are cautioned that these non-GAAP financial measures may not be defined in the same manner by other companies and, as a result, may not be comparable to other similarly titled measures used by other companies. Also, these non-GAAP financial measures should not be construed as alternatives, or superior, to other measures determined in accordance with GAAP.

Reconciliation – GAAP Revenues to Core Revenues (in thousands):

	Q2 2021			Q1 2021			Q4 2020			Q3 2020			Q2 2020
GAAP revenues	$	22,893		$	24,383		$	17,331		$	18,338		$	15,431
Servicing fee adjustment⁵	(192		)	(283		)	(80		)	(96		)	121
Core Revenues	$	22,701		$	24,100		$	17,251		$	18,242		$	15,552

Reconciliation – GAAP Operating Expenses to Core Operating Expenses (in thousands):

	Q2 2021			Q1 2021			Q4 2020			Q3 2020			Q2 2020
GAAP total expenses	$	20,682		$	18,616		$	20,470		$	17,728		$	19,144
Servicing fee adjustment⁴	(192		)	(283		)	(80		)	(96		)	120
Merger expenses	—			—			(287		)	(377		)	(25		)
Non-cash software write-down	—			—			(1,248		)	—			—
Non-cash equity compensation	(10		)	(3		)	(98		)	(93		)	(106		)
Core Operating Expenses inc Dep and Amor	$	20,480		$	18,330		$	18,757		$	17,162		$	19,133
Less: Depreciation and amortization	2,950			2,960			3,042			2,601			3,045
Core Operating Expenses ex. Dep and Amor	$	17,530		$	15,370		$	15,715		$	14,561		$	16,088

Reconciliation – GAAP Net Income (Loss) to Core Net Income (Loss) (in thousands)

	Q2 2021			Q1 2021			Q4 2020			Q3 2020			Q2 2020
GAAP net income (loss)	$	(1,836	)	$	18,889		$	(3,390	)	$	251		$	(4,119	)
Add: (loss) gain on FV of private warrant liability	3,056			(15,003		)	—			—			—
Add: non-cash loss on software write-down	—			—			1,248			—			—
Add: merger expenses	—			—			287			377			25
Less: tax (@27%) on non-core items	—			—			(414		)	(102		)	(7		)
Core net income (loss)	$	1,220		$	3,886		$	(2,269	)	$	526		$	(4,101	)
Core diluted shares	11,976			15,512			6,123			6,123			6,123
Core diluted earnings (loss) per share	$	0.10		$	0.25		$	(0.37	)	$	0.09		$	(0.67	)

Reconciliation – GAAP Net Income to Core EBITDA (in thousands)

	Q2 2021			Q1 2021			Q4 2020			Q3 2020		Q2 2020
GAAP net income (loss)	$	(1,836	)	$	18,889		$	(3,390	)	$	251	$	(4,119	)
Add: (loss) gain on FV of private warrant liability	3,056			(15,003		)	—			—		—
Add: depreciation and amortization	2,950			2,960			3,042			2,601		3,045
Add: interest	42			54			248			353		399
Add: taxes	949			1,827			2			7		7
Add: non-cash equity compensation	10			3			98			93		106
Add: non-cash loss on software write-down	—			—			1,248			—		—
Add: merger expenses	—			—			287			377		25
Core EBITDA	$	5,171		$	8,730		$	1,535		$	3,681	$	(536	)

Key Performance Metrics – 5 Quarters

																YoY Change
	2Q20			3Q20			4Q20			1Q21			2Q21			$				%
Debit card POS spend ($ millions)
Higher education	$	606		$	633		$	567		$	735		$	661		$	55			9		%
New business	88			108			114			145			167			80				91		%
Debit card POS spend – total	$	694		$	741		$	681		$	880		$	828		$	134			19		%

Serviced deposits ($ millions)
Higher education	$	500		$	645		$	405		$	665		$	506		$	6			1		%
New business	163			299			555			892			1,063			900				553		%
Ending service deposits – total	$	663		$	944		$	960		$	1,557		$	1,569		$	906			137		%

Higher education	$	552		$	541		$	511		$	600		$	573		$	21			4		%
New business	138			217			418			717			986			848				616		%
Average service deposits – total	$	690		$	758		$	928		$	1,317		$	1,558		$	869			126		%

Higher Education Metrics
Higher education retention	99.8		%	99.7		%	99.4		%	99.5		%	99.5		%	(0.3		)	%
FAR(1) disbursement amount ($ billions)	$	5.6		$	3.3		$	1.9		$	4.2		$	2.3		$	(3.3	)		(60	)	%
Organic deposits (2) – higher education	$	527		$	501		$	438		$	651		$	566		$	39			7		%

(1) FAR disbursements are Financial Aid Refund disbursements from a higher education institution.
(2) Organic Deposits are all higher education deposits excluding any funds disbursed directly from the school.

¹ Core metrics are non-GAAP measures which exclude the effects of fair value gains and losses on our warrant liability and other items we do not consider indicative of our core operating performance. A reconciliation is included on pages 3 and 4 of this release.

² CAC is calculated based on trailing twelve month (TTM) total Marketing and Client Operations expense, net of subscription fees paid to BMTX for higher education clients, divided by TTM newly active accounts.

³ Core metrics are Non-GAAP measures which adjust revenues to exclude certain items; a reconciliation appears on page 3 and 4 of this release.

⁴ S&P Capital IQ reported consensus Q2 2021 EBITDA and revenue estimates of $3.4M and $22.1M, respectively, as of August 10, 2021.

⁵ Core revenue and expense are adjusted to remove fraud losses from expense and the reimbursement by BMTX’s bank partner from revenues.

August 11, 2021 4:19 pm

Seneca Foods Reports Sales and Earnings for the Three Months Ended July 3, 2021

MARION, N.Y., Aug. 11, 2021 (GLOBE NEWSWIRE) — Seneca Foods Corporation (NASDAQ: SENEA, SENEB) today announced financial results for the three months ended July 3, 2021.

Highlights (vs. year-ago, year-to-date results):

Net sales for the first quarter of fiscal 2022 totaled $235.0 million compared to $288.2 million for the prior quarter. The year-over-year decrease in sales resulted from a $24.2 million decrease due to the divesture of our prepared foods business, a $28.5 million decrease from a volume variance and a $0.5 million decrease from a pricing/mix variance.
Gross margin as a percentage of net sales is 14.3% in 2022 as compared to 16.9% in 2021.

“Overall, the first quarter of 2022 was as we expected. A comparison to prior year is difficult as COVID-driven panic buying commenced last year. However, for the first quarter of 2022 we achieved very respectable earnings per common share of $1.56. With the exception of last year, this is our highest first quarter earnings per common share in many years,” said Paul Palmby, Chief Executive Officer of Seneca Foods.

About Seneca Foods Corporation

Seneca Foods is one of North America’s leading providers of packaged fruits and vegetables, with facilities located throughout the United States. Its high quality products are primarily sourced from over 1,600 American farms. Seneca holds the largest share of the retail private label, food service, and export canned vegetable markets, distributing to over 90 countries. Products are also sold under the highly regarded brands of Libby’s®, Aunt Nellie’s®, Green Valley®, CherryMan®, READ®, and Seneca labels, including Seneca snack chips. Seneca’s common stock is traded on the Nasdaq Global Select Market under the symbols “SENEA” and “SENEB”. SENEA is included in the S&P SmallCap 600, Russell 2000 and Russell 3000 indices.

Non-GAAP Financial Measures

—Operating Income Excluding LIFO and Plant Restructuring Impact, EBITDA and FIFO EBITDA

Operating income excluding LIFO and plant restructuring, EBITDA and FIFO EBITDA are non-GAAP financial measures. The Company believes these non-GAAP financial measures provide a basis for comparison to companies that do not use LIFO or have plant restructuring to enhance the understanding of the Company’s historical operating performance. The Company does not intend for this information to be considered in isolation or as a substitute for other measures prepared in accordance with GAAP. Set forth below is a reconciliation of reported Operating Income excluding LIFO and plant restructuring.


		Three Months Ended
		July 3, 2021		June 27, 2020
		(In thousands)

Operating income, as reported:	$	17,727	$	30,299

LIFO charge (credit)		2,837		(2,141	)

Plant restructuring charge		66		263

Operating income, excluding LIFO and plant restructuring impact	$	20,630	$	28,421

Set forth below is a reconciliation of reported net earnings to EBITDA and FIFO EBITDA (earnings before interest, income taxes, depreciation, amortization, non-cash charges and credits related to the LIFO inventory valuation method). The Company does not intend for this information to be considered in isolation or as a substitute for other measures prepared in accordance with GAAP.


		Three Months Ended
EBITDA and FIFO EBITDA:		July 3, 2021			June 27, 2020
		(In thousands)

Net earnings	$	14,136		$	20,706
Income tax expense		4,469			6,335
Interest expense, net of interest income		1,342			1,651
Depreciation and amortization		8,581			7,881
Interest amortization		(60	)		(69	)
EBITDA		28,468			36,504
LIFO charge (credit)		2,837			(2,141	)
FIFO EBITDA	$	31,305		$	34,363

Forward-Looking Information

The information contained in this release contains, or may contain, forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements appear in a number of places in this release and include statements regarding the intent, belief or current expectations of the Company or its officers (including statements preceded by, followed by or that include the words “believes,” “expects,” “anticipates” or similar expressions) with respect to various matters.

Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. Investors are cautioned not to place undue reliance on such statements, which speak only as of the date the statements were made. Among the factors that could cause actual results to differ materially are:

general economic and business conditions;
cost and availability of commodities and other raw materials such as vegetables, steel and packaging materials;
transportation costs;
climate and weather affecting growing conditions and crop yields;
availability of financing;
leverage and the Company’s ability to service and reduce its debt;
potential impact of COVID-19 related issues at our facilities;
foreign currency exchange and interest rate fluctuations;
effectiveness of the Company’s marketing and trade promotion programs;
changing consumer preferences;
competition;
product liability claims;
the loss of significant customers or a substantial reduction in orders from these customers;
changes in, or the failure or inability to comply with, United States, foreign and local governmental regulations, including environmental and health and safety regulations; and
other risks detailed from time to time in the reports filed by the Company with the SEC.

Except for ongoing obligations to disclose material information as required by the federal securities laws, the Company does not undertake any obligation to release publicly any revisions to any forward-looking statements to reflect events or circumstances after the date of the filing of this report or to reflect the occurrence of unanticipated events.

Contact:

Timothy J. Benjamin, Chief Financial Officer
315-926-8100


Seneca Foods Corporation
Unaudited Selected Financial Data

For the Periods Ended July 3, 2021 and June 27, 2020
(In thousands of dollars, except share data)


	Three Months Ended
	July 3, 2021			June 27, 2020

Net sales	$	235,042		$	288,165

Plant restructuring expense (note 2)	$	66		$	263

Other operating income, net (note 3)	$	1,444		$	145

Operating income (note 1)	$	17,727		$	30,299
Loss from equity investment		156			676
Other (income) loss		(2,376	)		931
Interest expense, net		1,342			1,651
Earnings before income taxes	$	18,605		$	27,041

Income tax expense		4,469			6,335

Net earnings	$	14,136		$	20,706

Basic earnings per common share	$	1.56		$	2.26
Diluted earnings per common share	$	1.55		$	2.24

Note 1:	The effect of the LIFO inventory valuation method on first quarter pre-tax results decreased operating earnings by $2,837,000 for the three month period ended July 3, 2021 and increased operating earnings by $2,141,000 for the three month period ended June 27, 2020.
Note 2:	The three month period ended July 3, 2021 included a restructuring charge of $66,000 mostly related to health cost from a closed plant. The three month period ended June 27, 2020 included a restructuring charge of $263,000 related to closing plants in the Northwest of which $219,000 was related to severance and $44,000 was for lease impairments.
Note 3:	During the three months ended July 3, 2021, the Company recorded a gain from the sale of an aircraft of $1,194,000, a gain from debt forgiveness of $500,000 on an economic development loan and a charge of $276,000 for a supplemental early retirement plan. During the three months ended June 27, 2020 the Company recorded a gain on the sale of unused fixed assets of $534,000. The Company also recorded a loss of $389,000 on the disposal of equipment from a sold Northwest plant.
Note 4:	The Company uses the “two-class” method for basic earnings per share by dividing the earnings attributable to common shareholders by the weighted average of common shares outstanding during the period.

August 11, 2021 4:19 pm

Laird Superfood Reports Second Quarter 2021 Financial Results

Laird Superfood Reports Second Quarter 2021 Financial Results

Net Sales Increase 64% Year Over Year to $9.2 Million

Direct-To-Consumer Sales Up 94% Year Over Year

SISTERS, Ore.–(BUSINESS WIRE)–
Laird Superfood, Inc. (NYSE American: LSF) (“Laird Superfood”, “we” and “our”), today reported financial results for its second quarter ended June 30, 2021.

Second Quarter 2021 Highlights

Net Sales increased to $9.2 million, an increase of 64% year over year.
Online sales contributed 63% of net sales, increasing 57% year over year with direct-to-consumer up 94%.
Wholesale sales contributed 35% of net sales, increasing 77% year over year, and included continued traction in grocery and liquid creamer gains.
Gross profit was $2.2 million and gross margin was 23.9% compared to gross profit of $1.3 million and gross margin of 23.6% in the prior year quarter.
Net loss attributable to common stockholders was $6.3 million, or $0.70 per diluted share, compared to net loss attributable to common stockholders of $4.0 million, or $0.93 per diluted share, in the prior year period.

“Broad-based growth was a key theme from our second quarter results as we delivered solid gains across all major channels and categories,” said Paul Hodge Jr., Co-founder, President and Chief Executive Officer of Laird Superfood. “Our direct-to-consumer sales were up 94% reflecting our strong metrics around attracting, converting and retaining customers. Wholesale increased 77% as we continued to make solid progress expanding our presence in the grocery channel. We introduced several new innovative products during the quarter and are very pleased with the early results from the acquisition of Picky,” concluded Hodge. “Our powerful omnichannel platform remains a key point of differentiation enabling multiple growth drivers for new and existing products. During the second quarter, approximately one-third of our revenue growth was attributable to products introduced over the past year. As we continue gaining share in our legacy categories and expanding our total addressable market via new offerings, Laird Superfood’s long-term vision of delivering better for you, plant-based alternatives for every moment of consumers’ daily ritual comes closer to reality.”

For the Three Months Ended June 30, 2021

	Three Months Ended June 30,
	2021				2020
	$			% of Total	$			% of Total
Coffee creamers	$	5,078,739		55%	$	4,005,430		71%
Hydration and beverage enhancing supplements		1,511,630		16%		981,471		17%
Coffee, tea, and hot chocolate products		1,661,130		18%		1,222,617		22%
Harvest snacks and other food items		1,344,802		15%		–		0%
Other		317,422		3%		173,607		3%
Gross sales		9,913,723		108%		6,383,125		114%
Shipping income		40,750		0%		43,793		1%
Returns and discounts		(758,687	)	(8%)		(818,088	)	(15%)
Sales, net		9,195,786		100%		5,608,830		100%

	Three Months Ended June 30,
	2021				2020
	$			% of Total	$			% of Total
Online	$	5,799,104		63%	$	3,684,526		66%
Wholesale		3,235,230		35%		1,823,188		33%
Food service		161,452		2%		101,116		2%
Sales, net	$	9,195,786		100%	$	5,608,830		100%

Net sales increased 64% to $9.2 million in the second quarter of 2021 compared to $5.6 million in the second quarter of 2020.Growth in net sales in the second quarter of 2021 was due primarily to solid gains in DTC, including two months of newly acquired Picky Bars.

Gross profit was $2.2 million, a 66% increase compared to the prior year period of $1.3 million. Gross margin was 23.9% of net sales in the second quarter of 2021, compared to 23.6% of net sales in the prior year period. The year over year increase in gross margin was primarily due to optimization of direct-to-consumer shipping costs and improvements in liquid creamer distribution and disposals.

Operating expenses were $8.5 million compared to $4.3 million in the year ago period and reflect General and Administrative expense increases of $2.3 million, primarily due to stock-based compensation, personnel costs, insurance expense, reserves against prepaid assets, and professional fees, as well as Sales and Marketing expense increases of $1.5 million, primarily due to advertising and marketing fees.

Loss from operations was $6.3 million in the second quarter of 2021, compared to a loss of $3.0 million in the prior year period.

Net loss attributable to common stockholders was $6.3 million, or $0.70 per diluted share, in the second quarter of 2021, compared to net loss attributable to common stockholders of $4.0 million, or $0.93 per diluted share, in the prior year period.

Valerie Ells, Chief Financial Officer, commented, “In addition to delivering strong top-line growth, we’ve made significant strides operationally through the first half of 2021 putting us firmly on track toward our long-term goals around margins and profitability. Continued optimization of our direct-to-consumer shipping expenses, driven by an improvement in our average order value, aided our gross margin this quarter. Similarly, continued improvements related to our liquid creamer products, including an extended shelf life and logistical enhancements, resulted in significant improvement in manufacturing waste and spoils. With over $43 million of cash and investments and essentially no debt, our balance sheet remains strong providing the capacity and flexibility to pursue multiple growth drivers on our path to scale and profitability.”

For the Six Months Ended June 30, 2021

Six Months Ended June 30,

2021

2020

$

% of Total

$

% of Total

Coffee creamers
$

10,100,647

61%

$

8,024,792

72%

Hydration and beverage enhancing supplements

2,576,206

15%

1,840,177

17%

Coffee, tea, and hot chocolate products

3,561,962

21%

1,963,189

18%

Harvest snacks and other food items

1,487,705

9%

–

0%

Other

533,838

3%

233,197

2%

Gross sales

18,260,358

110%

12,061,355

109%

Shipping income

66,410

0%

195,345

2%

Returns and discounts

(1,704,729

)

(10%)

(1,164,645

)

(10%)

Sales, net

16,622,039

100%

11,092,055

100%

Six Months Ended June 30,

2021

2020

$

% of Total

$

% of Total

Online
$

10,161,510

61%

$

6,335,267

59%

Wholesale

6,158,286

37%

4,551,000

41%

Food service

302,243

2%

205,788

1%

Sales, net
$

16,622,039

100%

$

11,092,055

100%

Net sales increased 50% to $16.6 million in the first six months of 2021 compared to $11.1 million in the first six months of 2020.Year-to-date growth in net sales was due to growth in both online and wholesale channels, and broad based with all categories showing strong double-digit increases. In addition, we completed the acquisition of Picky Bars in early May, which significantly increased our business in Harvest snacks and other food products.

Gross profit was $4.1 million, an increase of 18% compared to the prior year period of $3.4 million. Gross margin was 24.4% of net sales in the first six months of 2021, compared to 31.0% of net sales in the prior year period. The year over year decrease in gross margin was primarily due to elevated outbound shipping costs combined with the launch of a free shipping initiative for direct online purchases made on lairdsuperfood.com, increased personnel costs and costs associated with our liquid creamer product line.

Operating expenses were $15.7 million compared to $8.5 million in the first six months of 2021 and reflect General and Administrative expense increases of $4.4 million, primarily due to stock-based compensation, personnel costs, insurance expense, reserves against prepaid assets, and professional fees, as well as Sales and Marketing expense increases of $2.5 million, primarily due to advertising and marketing fees.

Loss from operations was $11.6 million in the first six months of 2021, compared to a loss of $5.0 million in the prior year period.

Net loss attributable to common stockholders was $11.6 million, or $1.30 per diluted share, in the first six months of 2021, compared to net loss attributable to common stockholders of $6.0 million, or $1.40 per diluted share.

Balance Sheet and Cash Flow Highlights

The Company’s current assets include cash, cash equivalents, and restricted cash of $34.9 million and investment securities of $8.7 million as of June 30, 2021. Total outstanding debt was $51,000 as of June 30, 2021. Net cash used in operating activities was $11.0 million in the six months ended June 30, 2021, compared to $4.6 million in the comparative prior year period.

Capital expenditures totaled $0.5 million for the six months ended June 30, 2021, compared to $0.3 million in the comparative prior year period.

Leadership Transition

Also announced today, Paul Hodge, Jr. will be transitioning to a non-executive role and stepping down as President and Chief Executive Officer. The Company’s Board of Directors has commenced a search for his successor. Additional details on this transition can be found in a separate media release issued this afternoon.

Conference Call and Webcast Details

The Company will host a conference call and webcast at 5:00 p.m. ET today to discuss results. The live conference call can be accessed by dialing (833) 772-0381 from the U.S. or (236) 384-2050 internationally. The conference I.D. code is 3667069. Alternatively, participants may access the live webcast on the Laird Superfood Investor Relations website at https://investors.lairdsuperfood.com under “Events.”

About Laird Superfood

Laird Superfood, Inc. creates award-winning, plant-based superfood products that are both delicious and functional. The Company’s products are designed to enhance your daily ritual and keep consumers fueled naturally throughout the day. The Company was co-founded in 2015 by the world’s most prolific big-wave surfer, Laird Hamilton. Laird Superfood’s offerings are environmentally conscientious, responsibly tested, and made with real ingredients. Shop all products online at lairdsuperfood.com and join the Laird Superfood community on social media for the latest news and daily doses of inspiration.

Forward-Looking Statements

This press release and the earnings call referencing this press release contain “forward-looking” statements, as that term is defined under the federal securities laws, including but not limited to statements regarding Laird Superfood’s future financial performance, including our outlook for fiscal year 2021. These forward-looking statements are based on Laird Superfood’s current assumptions, expectations and beliefs and are subject to substantial risks, uncertainties, assumptions and changes in circumstances that may cause Laird Superfood’s actual results, performance or achievements to differ materially from those expressed or implied in any forward-looking statement. We expressly disclaim any obligation to update or alter any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

The risks and uncertainties referred to above include, but are not limited to: (1) the effects of the current COVID-19 pandemic, or of other global outbreaks of pandemics or contagious diseases or fear of such outbreaks, including on our supply chain, the demand for our products, and on overall economic conditions and consumer confidence and spending levels; (2) our expectations regarding our revenue, expenses, including shipping expenses, and other operating results; (3) our ability to acquire new direct and wholesale customers and successfully retain existing customers; (4) our ability to attract and retain our suppliers, distributors and co-manufacturers, and effectively manage their costs and performance; (5) our expectations regarding real or perceived quality with our products or other issues that adversely affect our brand and reputation; (6) our ability to innovate on a timely and cost-effective basis, predict changes in consumer preferences and develop successful new products, or updates to existing products, and develop innovative marketing strategies; (7) expectations regarding prices and availability of raw materials and other inputs, a substantial amount of which come from a limited number of suppliers outside the United States, including in areas which may be adversely affected by climate change; (8) effects of changes in the tastes and preferences of our consumers and consumer preferences for natural and organic food products; (9) the financial condition of, and our relationships with, our suppliers, co-manufacturers, distributors, retailers and foodservice customers, as well as the health of the foodservice industry generally; (10) effects of real or perceived quality or health issues with our products or other issues that adversely affect our brand and reputation; (11) the ability of ourselves, our suppliers and co-manufacturers to comply with food safety, environmental or other laws or regulations; (12) our plans for future investments in our business, our anticipated capital expenditures and our estimates regarding our capital requirements; (13) the costs and success of our marketing efforts, and our ability to promote our brand; (14) our reliance on our executive team and other key personnel and our ability to identify, recruit and retain skilled and general working personnel; (15) our ability to effectively manage our growth; (16) our ability to compete effectively with existing competitors and new market entrants; (17) the impact of adverse economic conditions; and (18) the growth rates of the markets in which we compete.

LAIRD SUPERFOOD, INC.

STATEMENTS OF OPERATIONS

For the Three Months Ended

June 30,

For the Six Months Ended

June 30,

2021

2020

2021

2020

Sales, net
$

9,195,786

$

5,608,830

$

16,622,039

$

11,092,055

Cost of goods sold

(6,998,695

)

(4,285,128

)

(12,558,194

)

(7,650,736

)

Gross profit

2,197,091

1,323,702

4,063,845

3,441,319

General and administrative

Salaries, wages and benefits

1,019,845

804,903

2,225,698

1,621,075

Stock-based compensation

955,369

116,249

1,854,604

299,452

Professional fees

609,448

191,130

953,070

373,177

Insurance expense

500,821

25,866

1,023,221

57,061

Office expense

206,448

108,883

393,279

222,248

Occupancy

62,957

56,343

119,478

109,774

Merchant service fees

151,882

89,014

258,257

145,049

Netsuite subscription expense

74,117

30,923

129,138

57,318

Impairment on asset held for sale

–

239,734

–

239,734

Other expense

582,024

169,397

847,235

307,124

Total general and administrative expenses

4,162,911

1,832,442

7,803,980

3,432,012

Research and product development

Salaries, wages and benefits

116,187

72,931

186,548

147,833

Stock-based compensation

5,385

2,192

8,952

4,384

Product development expense

249,948

40,175

412,792

97,917

Other expense

3,332

2,499

7,247

10,977

Total research and product development expenses

374,852

117,797

615,539

261,111

Sales and marketing

Salaries, wages and benefits

630,328

697,547

1,264,079

1,443,556

Stock-based compensation

55,706

35,938

97,095

110,434

Advertising

1,699,865

1,154,060

3,381,209

2,090,423

General marketing

1,260,489

261,662

1,971,012

570,884

Amazon selling fee

210,842

208,317

413,118

395,889

Travel expense

11,604

3,950

20,360

73,964

Other expense

67,658

34,227

116,698

103,368

Total sales and marketing expenses

3,936,492

2,395,701

7,263,571

4,788,518

Total expenses

8,474,255

4,345,940

15,683,090

8,481,641

Operating loss

(6,277,164

)

(3,022,238

)

(11,619,245

)

(5,040,322

)

Other income (expense)

Interest and dividend income

11,623

8,171

25,525

31,025

Loss on sale of fixed assets

–

–

(2,325

)

–

Gain on sale of available-for-sale securities

–

7,677

–

7,677

Total other income (expense)

11,623

15,848

23,200

38,702

Loss before income taxes

(6,265,541

)

(3,006,390

)

(11,596,045

)

(5,001,620

)

Income tax expense

(36,718

)

–

(36,718

)

–

Net loss
$

(6,302,259

)

$

(3,006,390

)

$

(11,632,763

)

$

(5,001,620

)

Less deemed dividend of beneficial conversion feature

–

(825,366

)

–

(825,366

)

Less deemed dividend on warrant discount

–

(179,427

)

–

(179,427

)

Net loss attributable to Laird Superfood, Inc. common stockholders
$

(6,302,259

)

$

(4,011,183

)

$

(11,632,763

)

$

(6,006,413

)

Net loss per share attributable to Laird Superfood, Inc common stockholders:

Basic
$

(0.70

)

$

(0.93

)

$

(1.30

)

$

(1.40

)

Diluted
$

(0.70

)

$

(0.93

)

$

(1.30

)

$

(1.40

)

Weighted-average shares of common stock outstanding used in computing net loss per share of common stock, basic and diluted

8,967,797

4,325,265

8,931,736

4,303,305

LAIRD SUPERFOOD, INC.

STATEMENTS OF CASH FLOWS

For the Six Months Ended June 30,

2021

2020

Cash flows used in operating activities

Net loss
$

(11,632,763

)

$

(5,001,620

)

Adjustments to reconcile net loss to net cash from operating activities:

Depreciation

302,261

229,284

Amortization

103,803

5,048

Loss on disposal of equipment

2,325

–

Stock-based compensation

2,100,077

471,320

Provision for inventory obsolescence

18,266

–

Reserve for prepaid assets

179,000

–

Restricted stock awards

–

62,431

Impairment on asset held for sale

–

239,734

Gain on sale of investment securities available-for-sale

–

7,677

Changes in operating assets and liabilities:

Accounts receivable

98,534

(324,211

)

Accrued investment income receivable

513

–

Inventory

(3,778,699

)

(1,048,010

)

Prepaid expenses and other current assets

729,881

(371,883

)

Deferred rent

179,503

180,677

Deposits

2,602

10,941

Accounts payable

208,131

568,088

Payroll liabilities

129,397

167,576

Accrued expenses

367,209

155,943

Deferred taxes

36,718

–

Net cash from operating activities

(10,953,242

)

(4,647,005

)

Cash flows used in (provided by) investing activities

Purchase of property, plant, and equipment

(522,564

)

(312,746

)

Deposits on equipment to be acquired

(407,412

)

(319,174

)

Purchase of software

(109,795

)

–

Acquisition of a business, net of cash acquired (note 2)

(10,449,587

)

–

Sale of investment securities available-for-sale

–

513,544

Proceeds from maturities of investment securities available-for-sale

–

475,000

Net cash from investing activities

(11,488,658

)

356,624

Cash flows from financing activities

Issuance of common stock

–

1,997,665

Issuance of preferred stock

–

10,000,006

Common stock issuance costs

(82,043

)

–

Preferred stock issuance costs

–

(147,721

)

Withholding tax payments for share based compensation

(219,156

)

–

Restricted stock units issued

3

–

Repurchased common stock

–

(20,532

)

Stock options exercised

394,666

6,030

Net cash from financing activities

93,470

11,835,448

Net change in cash and cash equivalents

(22,348,430

)

7,545,067

Cash and cash equivalents beginning of period

57,208,080

1,004,109

Cash and cash equivalents end of period
$

34,859,650

$

8,549,176

Supplemental disclosures of non-cash information

Unrealized gain (loss) on available-for-sale securities
$

(24,001

)

$

17,345

LAIRD SUPERFOOD, INC.

BALANCE SHEETS

As of

June 30, 2021

December 31, 2020

Assets

Current assets

Cash and cash equivalents
$

34,859,650

$

57,208,080

Accounts receivable, net

789,642

839,659

Investment securities available-for-sale

8,682,330

8,706,844

Inventory

10,782,337

6,295,898

Prepaid expenses and other current assets, net

2,175,604

2,847,319

Deposits

508,484

97,674

Total current assets

57,798,047

75,995,474

Noncurrent assets

Property and equipment, net

3,786,144

3,513,488

Intangible assets, net

5,073,084

137,092

Goodwill

6,486,000

–

Deferred rent

2,517,143

2,696,646

Total noncurrent assets

17,862,371

6,347,226

Total assets
$

75,660,418

$

82,342,700

Liabilities and Stockholders’ Equity

Current liabilities

Accounts payable
$

1,571,418

$

1,315,964

Payroll liabilities

861,501

722,915

Accrued expenses

1,219,863

704,543

Total current liabilities

3,652,782

2,743,422

Long-term liabilities

Deferred tax liability, net

36,718

–

Note payable

51,000

51,000

Total long-term liabilities

87,718

51,000

Total liabilities

3,740,500

2,794,422

Stockholders’ equity

Common stock, $0.001 par value, 100,000,000 shares authorized as of

June 30, 2021 and December 31, 2020; 9,365,085 and 8,999,381

issued and outstanding at June 30, 2021, respectively; 9,247,758

and 8,892,886 issued and outstanding at December 31, 2020, respectively
$

8,999

$

8,893

Additional paid-in capital

115,480,644

111,452,346

Accumulated other comprehensive income (loss)

(9,794

)

14,207

Accumulated deficit

(43,559,931

)

(31,927,168

)

Total stockholders’ equity

71,919,918

79,548,278

Total liabilities and stockholders’ equity
$

75,660,418

$

82,342,700

View source version on businesswire.com: https://www.businesswire.com/news/home/20210811005847/en/

ICR

Reed Anderson

646-277-1260

[email protected]

KEYWORDS: United States North America Oregon New York

INDUSTRY KEYWORDS: Agriculture Natural Resources Environment Health Supermarket Food/Beverage Fitness & Nutrition Retail

MEDIA:

Logo

Posted on August 11, 2021 4:19 pm
EyeGate Announces Closing of $10.75 Million Registered Direct Offering Priced At-The-Market Under Nasdaq Rules

WALTHAM, Mass., Aug. 11, 2021 (GLOBE NEWSWIRE) — EyeGate Pharmaceuticals, Inc. (NASDAQ: EYEG) (“EyeGate” or the “Company”), a clinical-stage company developing and commercializing products for treating inflammatory and immune diseases with a focus on the eye and certain systemic diseases, today announced the closing of its previously announced registered direct offering priced at-the-marked under Nasdaq rules of 4,668,844 shares of its common stock at a purchase price of $2.3025 per share for gross proceeds of approximately $10.75 million, before deducting placement agent’s fees and other offering expenses. The Company also issued to the investors, in a concurrent private placement, unregistered warrants to purchase up to an aggregate of 2,334,422 shares of common stock.

H.C. Wainwright & Co. acted as the exclusive placement agent for the offering.

The warrants have an exercise price of $2.24 per share, are exercisable immediately upon issuance and will expire five and one-half years following the date of issuance.

EyeGate currently intends to use the net proceeds from the offering to support its operations, including for clinical trials, for working capital and for other general corporate purposes, which will include the pursuit of other research and development efforts and could also include the acquisition or in-license of other products, product candidates or technologies. EyeGate has not yet determined the amount of net proceeds to be used specifically for any of the foregoing purposes.

The shares of common stock described above (but not the warrants or the shares of common stock underlying the warrants) were offered and sold by EyeGate in a registered direct offering pursuant to an effective shelf registration statement on Form S-3, which was filed with the Securities and Exchange Commission (the “SEC”) on May 3, 2019 and subsequently declared effective on May 13, 2019 (File No. 333-231204) (the “Registration Statement”), and the base prospectus dated as of May 13, 2019 contained therein. The offering of the shares of common stock was made only by means of a prospectus supplement that forms a part of the effective registration statement. A final prospectus supplement and the accompanying base prospectus relating to the shares of common stock offered in the registered direct offering were filed with the SEC and is available on the SEC’s website located at http://www.sec.gov. Electronic copies of the final prospectus supplement and the accompanying base prospectus may also be obtained from H.C. Wainwright & Co., LLC at 430 Park Avenue, 3rd Floor, New York, NY 10022, by phone at (212) 856-5711 or e-mail at [email protected].

The warrants described above were offered in a private placement under Section 4(a)(2) of the Securities Act of 1933, as amended (the “Act”), and Regulation D promulgated thereunder and, along with the shares of common stock underlying the warrants, have not been registered under the Act, or applicable state securities laws. Accordingly, the warrants and the underlying shares of common stock may not be offered or sold in the United States except pursuant to an effective registration statement or an applicable exemption from the registration requirements of the Act and such applicable state securities laws.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy any of the securities described herein. There shall not be any offer, solicitation of an offer to buy, or sale of securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About EyeGate

EyeGate is a clinical-stage pharmaceutical company developing and commercializing products for treating inflammatory and immune diseases with a focus on the eye and certain systemic diseases. PP-001, EyeGate’s lead clinical-stage drug product, is a next-generation, non-steroidal, immuno-modulatory and small-molecule inhibitor of Dihydroorotate Dehydrogenase (“DHODH”) with best-in-class picomolar potency and a validated immune modulating mechanism designed to overcome the off-target side effects and safety issues associated with DHODH inhibitors. PP-001 has been developed in multiple clinical-stage formulations including ophthalmic and intravenous routes of administration. The ophthalmic formulation is in development for dry eye disease and conjunctivitis. In addition, EyeGate is developing Ocular Bandage Gel (“OBG”), a modified form of the natural polymer hyaluronic acid, designed to protect the ocular surface to permit re-epithelialization of the cornea and improve ocular surface integrity. OBG, with unique properties that help hydrate and protect the ocular surface, is in clinical evaluation for patients with punctate epitheliopathies (“PE”) as a result of dry eye. For more information, please visit www.EyeGatePharma.com.

Forward-Looking Statements

Some of the statements in this press release are “forward-looking” and are made pursuant to the safe harbor provision of the Private Securities Litigation Reform Act of 1995. These “forward-looking” statements include statements relating to, among other things, the intended use of net proceeds from the offering, as well as the commercialization efforts and other regulatory or marketing approval efforts pertaining to EyeGate’s products, including EyeGate’s PP-001 and OBG products, as well as the success thereof, with such approvals or success may not be obtained or achieved on a timely basis or at all. These statements involve risks and uncertainties that may cause results to differ materially from the statements set forth in this press release, including, among other things, market and other conditions and certain risk factors described under the heading “Risk Factors” contained in EyeGate’s Annual Report on Form 10-K filed with the SEC on March 25, 2021 or described in EyeGate’s other public filings. EyeGate’s results may also be affected by factors of which EyeGate is not currently aware. The forward-looking statements in this press release speak only as of the date of this press release. EyeGate expressly disclaims any obligation or undertaking to release publicly any updates or revisions to such statements to reflect any change in its expectations with regard thereto or any changes in the events, conditions or circumstances on which any such statement is based, except as required by law.

Contact

Corey Davis, Ph.D.
LifeSci Advisors
(212) 915-2577
[email protected]

Posted on August 11, 2021 4:19 pm
CACI Reports Results for Its Fiscal 2021 Fourth Quarter and Full Year and Issues Fiscal Year 2022 Guidance

CACI Reports Results for Its Fiscal 2021 Fourth Quarter and Full Year and Issues Fiscal Year 2022 Guidance

Annual revenue of $6.0 billion, +6%

Annual net income of $457.4 million and Diluted EPS of $18.30

Annual adjusted net income of $507.2 million and Adjusted diluted EPS of $20.29

Annual cash from operations of $592.2 million, +14%;

Annual free cash flow of $537.1 million, +22%

Annual contract awards of $9.2 billion

Company expects continued organic growth, margin expansion, and strong cash flow in Fiscal Year 2022

RESTON, Va.–(BUSINESS WIRE)–
CACI International Inc (NYSE:CACI), a leading provider of expertise and technology to government enterprise and mission customers, announced results today for its fiscal fourth quarter and full year ended June 30, 2021.

CEO Commentary and Outlook

John Mengucci, CACI’s President and CEO, said, “Our fourth quarter results capped another strong year for CACI. We again achieved our financial commitments, delivering organic revenue growth above our addressable market, margin expansion, and robust cash flow, as well as record backlog. Our financial performance supported a flexible and opportunistic capital deployment strategy, enabling us to both invest ahead of need and execute a value-creating accelerated share repurchase. In Fiscal Year 2022, we see continued growth above our addressable market, margin expansion, and strong cash flow generation, and remain committed to delivering value for our customers and our shareholders.”

Fourth Quarter Results

Three Months Ended

(in millions except earnings per share and DSO) 6/30/2021 6/30/2020 % Change

Revenue
$1,564.0

$1,495.6

4.6

%

Operating income
$112.1

$133.7

-16.2

%

Net income
$137.0

$93.7

46.1

%

Adjusted net income, a non-GAAP measure¹
$149.4

$104.5

43.0

%

Diluted earnings per share
$5.74

$3.68

56.1

%

Adjusted diluted earnings per share, a non-GAAP measure¹
$6.26

$4.10

52.7

%

Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA), a non-GAAP measure¹
$144.9

$162.9

-11.1

%

Net cash provided by operating activities excluding MARPA¹
$99.5

$154.4

-35.5

%

Free cash flow, a non-GAAP measure¹
$77.7

$136.4

-43.1

%

Days sales outstanding (DSO)²
54

57

(1)

This non-GAAP measure should not be considered in isolation or as a substitute for measures prepared in accordance with GAAP. For additional information regarding this non-GAAP measure, see the related explanation and reconciliation to the GAAP measure included below in this release.

(2)

The DSO calculations for fourth quarter FY21 and fourth quarter FY20 exclude the impact of the Company’s MARPA, which was 7 days and 9 days, respectively.

Revenue in Q4 FY21 increased 5% year-over-year as reported and 4% organically. The year-over-year decrease in operating income was driven by higher indirect expenses, the impact of tax elections taken under the CARES Act, and normal fluctuations in revenue mix. The year-over-year increases in net income and adjusted net income were due to a lower effective tax rate, partially offset by higher interest expense and the factors influencing operating income. Diluted earnings per share and adjusted diluted earnings per share increased faster than their respective net income metrics due to a lower share count as a result of the $500 million accelerated share repurchase announced in March 2021. The decrease in cash from operations, excluding MARPA, was driven by higher cash tax payments due to the aforementioned tax elections. The decrease in free cash flow was due to the same factors cited above, as well as higher capital expenditures.

Fourth Quarter Awards

Contract awards in Q4 FY21 totaled $3.6 billion, with approximately 40% for new business to CACI. For the full year, contract awards totaled $9.2 billion, with over 40% for new business to CACI. These awards exclude ceiling values of multi-award, indefinite delivery, indefinite quantity (IDIQ) contracts. Some notable awards during the quarter were:

A five-year, single-award contract, with a ceiling value of $447 million, by the National Security Agency (NSA) to provide process and mission technology in support of the signals intelligence and cybersecurity missions that provide our nation’s policymakers and military with actionable intelligence to secure and defend vital networks.

An eight-year, single-award contract, with a ceiling value of $373 million, to provide mission expertise for geospatial intelligence (GEOINT) analysis to U.S. Special Operations Command (SOCOM).

A four-year, single-award task order, with a ceiling value of more than $82 million, by the U.S. Army’s Electronic Warfare Air/Ground Survivability Division (EWAGS) to provide mission expertise and technology for the Army’s cyber and ground electronic warfare (EW) missions.

A five-year, single-award task order, with a ceiling value of $1.4 billion, by the Defense Threat Reduction Agency (DTRA) to continue providing mission expertise in support of countering emerging threats.

A nine-year, $496 million single-award IDIQ by the U.S. Air Force Sustainment Center (AFSC) to provide mission technology for the Air Force Automated Test System Sustainment Initiative II (ATSSI II) contract.

A five-year, $96 million task order by the U.S. Department of State’s (DOS) Bureau of Diplomatic Security (DS) to provide mission technology to develop, modernize, and enhance its diplomatic security systems.

A 10-year, multiple-award Blanket Purchase Agreement (BPA), with a $1 billion total federal program value, to provide enterprise expertise and financial system integration support services.

Total backlog as of June 30, 2021 was $24.2 billion compared with $21.6 billion a year ago, an increase of 12 percent. Funded backlog as of June 30, 2021 was $3.3 billion compared with $2.8 billion a year ago, an increase of 18 percent.

Fourth Quarter Highlights

CACI was named a Fortune 500 company for the first time in company history. The Fortune 500 is an annual list of the largest corporations in the United States, ranked by revenue for the 2020 fiscal year. This honor reflects CACI’s continued growth and record revenue of $5.7 billion in fiscal year 2020, resulting from a continued focus on its growth strategy.

CACI Strategic Advisor and Senior Vice President Lt. Gen. Michael Nagata is the 2021 recipient of the DeProspero Lifetime Achievement Award presented by the Special Operations and Low-Intensity Conflict (SO/LIC) division of the National Defense Industrial Association (NDIA). This award is named for retired Army Col. Albert DeProspero, who served in Special Forces and is a founding member of the SO/LIC Division, as well as a supporter and advocate of the Special Operations community. The award recognizes Lt. Gen. Nagata’s distinct contribution of lasting impact in Special Operations, low-intensity conflict and irregular warfare. He will be presented with the award at the 32nd annual SO/LIC Symposium and Exhibition on November 4, 2021.

CACI was named a 2021 Top Workplace in Washington, D.C. for the seventh consecutive year and in New Jersey for the second consecutive year. The surveys are administered by Energage and honorees are chosen based solely on employee feedback gathered through an employee engagement survey.

CACI received industry recognition during the quarter including: #20 on Bloomberg Government’s Top Contractors list, increasing its position by six spots; #31 on Defense News’ Top 100 for 2021, advancing three spots; and was named a Top 25 Largest Employer in the greater Washington D.C. metro area by Washington Business Journal.

Fiscal Year Results

Twelve Months Ended

(in millions except earnings per share and DSO) 6/30/2021 6/30/2020 % Change

Revenue
$6,044.1

$5,720.0

5.7

%

Operating income
$539.5

$457.7

17.9

%

Net income
$457.4

$321.5

42.3

%

Adjusted net income, a non-GAAP measure¹
$507.2

$365.2

38.9

%

Diluted earnings per share
$18.30

$12.61

45.1

%

Adjusted diluted earnings per share, a non-GAAP measure¹
$20.29

$14.33

41.6

%

Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA), a non-GAAP measure¹
$668.6

$573.6

16.6

%

Net cash provided by operating activities excluding MARPA¹
$610.2

$511.2

19.4

%

Free cash flow, a non-GAAP measure¹
$537.1

$438.9

22.4

%

(1)

This non-GAAP measure should not be considered in isolation or as a substitute for measures prepared in accordance with GAAP. For additional information regarding this non-GAAP measure, see the related explanation and reconciliation to the GAAP measure included below in this release.

Revenue in FY21 increased 6% year-over-year as reported and 5% organically. The year-over-year increase in operating income was driven by strong contract execution and lower contract costs, and faster growth in higher-margin technology revenue. The year-over-year increases in net income and adjusted net income were due to higher operating income, a lower effective tax rate, and lower interest expense. The increase in cash from operations, excluding MARPA, was driven by higher net income, partially offset by higher cash taxes paid as a result of tax elections taken under the CARES Act. The increase in free cash flow was due to the same factors cited above.

FY22 Guidance

The table below summarizes our FY22 guidance and represents our views as of August 11, 2021.

(in millions except earnings per share) Fiscal Year 2022 Guidance

Revenue $6,200 – $6,400

Adjusted net income, a non-GAAP measure¹ $430 – $450

Adjusted diluted earnings per share, a non-GAAP measure¹ $18.00 – $18.83

Free cash flow, a non-GAAP measure² at least $720

(1)

Adjusted net income and Adjusted diluted earnings per share are defined as GAAP net income and GAAP diluted EPS, respectively, excluding intangible amortization expense and the related tax impact. This non-GAAP measure should not be considered in isolation or as a substitute for measures prepared in accordance with GAAP. For additional information regarding this non-GAAP measure, see the related explanation and reconciliation to the GAAP measure included below in this release.

(2)

Expected Fiscal Year 2022 free cash flow includes an estimated $230 million tax refund related to certain tax elections, as well as a payroll tax deferral repayment of approximately $45 million. Free cash flow is defined as Net cash provided by operating activities excluding MARPA, less payments for capital expenditures (capex). This non-GAAP measure should not be considered in isolation or as a substitute for measures prepared in accordance with GAAP. For additional information regarding this non-GAAP measure, see the related explanation and reconciliation to the GAAP measure included below in this release.

Conference Call Information

We have scheduled a conference call for 8:30 AM Eastern Time Thursday, August 12, 2021 during which members of our senior management will be making a brief presentation focusing on fourth quarter and full year results and operating trends, followed by a question-and-answer session. You can listen to the webcast and view the accompanying exhibits on CACI’s investor relations website at http://investor.caci.com/events/default.aspx at the scheduled time. A replay of the call will also be available on CACI’s investor relations website at http://investor.caci.com/.

About CACI

CACI’s approximately 22,000 talented employees are vigilant in providing the unique expertise and distinctive technology that address our customers’ greatest enterprise and mission challenges. Our culture of good character, innovation, and excellence drives our success and earns us recognition as a Fortune World’s Most Admired Company. As a member of the Fortune 500 Largest Companies, the Russell 1000 Index, and the S&P MidCap 400 Index, we consistently deliver strong shareholder value. Visit us at www.caci.com.

There are statements made herein that do not address historical facts and, therefore, could be interpreted to be forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Such statements are subject to risk factors that could cause actual results to be materially different from anticipated results. These risk factors include, but are not limited to, the following: our reliance on U.S. government contracts, which includes general risk around the government contract procurement process (such as bid protest, small business set asides, loss of work due to organizational conflicts of interest, etc.) and termination risks; significant delays or reductions in appropriations for our programs and broader changes in U.S. government funding and spending patterns; legislation that amends or changes discretionary spending levels or budget priorities, such as for homeland security or to address global pandemics like COVID-19; legal, regulatory, and political change from successive presidential administrations that could result in economic uncertainty; changes in U.S. federal agencies, current agreements with other nations, foreign events, or any other events which may affect the global economy, including the impact of global pandemics like COVID-19; the results of government audits and reviews conducted by the Defense Contract Audit Agency, the Defense Contract Management Agency, or other governmental entities with cognizant oversight; competitive factors such as pricing pressures and/or competition to hire and retain employees (particularly those with security clearances); failure to achieve contract awards in connection with re-competes for present business and/or competition for new business; regional and national economic conditions in the United States and globally, including but not limited to: terrorist activities or war, changes in interest rates, currency fluctuations, significant fluctuations in the equity markets, and market speculation regarding our continued independence; our ability to meet contractual performance obligations, including technologically complex obligations dependent on factors not wholly within our control; limited access to certain facilities required for us to perform our work, including during a global pandemic like COVID-19; changes in tax law, the interpretation of associated rules and regulations, or any other events impacting our effective tax rate; changes in technology; the potential impact of the announcement or consummation of a proposed transaction and our ability to successfully integrate the operations of our recent and any future acquisitions; our ability to achieve the objectives of near term or long-term business plans; the effects of health epidemics, pandemics and similar outbreaks may have material adverse effects on our business, financial position, results of operations and/or cash flows; and other risks described in our Securities and Exchange Commission filings.

CACI-Earnings Release

Selected Financial Data

CACI International Inc

Condensed Consolidated Statements of Operations (Unaudited)

(Amounts in thousands, except per share amounts)

Three Months Ended Twelve Months Ended

6/30/2021 6/30/2020 % Change 6/30/2021 6/30/2020 % Change

Revenue
$

1,564,000

$

1,495,581

4.6

%

$

6,044,135

$

5,720,042

5.7

%

Costs of revenue:

Direct costs

1,043,407

981,678

6.3

%

3,930,707

3,719,056

5.7

%

Indirect costs and selling expenses

376,788

351,427

7.2

%

1,448,614

1,432,602

1.1

%

Depreciation and amortization

31,755

28,800

10.3

%

125,363

110,688

13.3

%

Total costs of revenue:

1,451,950

1,361,905

6.6

%

5,504,684

5,262,346

4.6

%

Operating income

112,050

133,676

-16.2

%

539,451

457,696

17.9

%

Interest expense and other, net

11,815

10,447

13.1

%

39,836

56,059

-28.9

%

Income before income taxes

100,235

123,229

-18.7

%

499,615

401,637

24.4

%

Income taxes

(36,742

)

29,498

-224.6

%

42,172

80,157

-47.4

%

Net income
$

136,977

$

93,731

46.1

%

$

457,443

$

321,480

42.3

%

Basic earnings per share
$

5.82

$

3.74

55.7

%

$

18.52

$

12.84

44.2

%

Diluted earnings per share
$

5.74

$

3.68

56.1

%

$

18.30

$

12.61

45.1

%

Weighted average shares used in per share computations:

Basic

23,552

25,088

24,705

25,031

Diluted

23,856

25,487

24,992

25,485

Statement of Operations Data (Unaudited)

Three Months Ended Twelve Months Ended

6/30/2021 6/30/2020 % Change 6/30/2021 6/30/2020 % Change

Operating income margin

7.2

%

8.9

%

8.9

%

8.0

%

Tax rate

-36.7

%

23.9

%

8.4

%

20.0

%

Net income margin

8.8

%

6.3

%

7.6

%

5.6

%

Adjusted EBITDA*
$

144,915

$

162,940

-11.1

%

$

668,582

$

573,585

16.6

%

Adjusted EBITDA Margin

9.3

%

10.9

%

11.1

%

10.0

%

* This non-GAAP measure should not be considered in isolation or as a substitute for measures prepared in accordance with GAAP. For additional information regarding this non-GAAP measure, see the related explanation and reconciliation to the GAAP measure included below in this release.

Selected Financial Data (Continued)

CACI International Inc

Condensed Consolidated Balance Sheets (Unaudited)

(Amounts in thousands)

6/30/2021 6/30/2020

ASSETS:

Current assets

Cash and cash equivalents
$

88,031

$

107,236

Accounts receivable, net

879,851

841,227

Prepaid expenses and other current assets

363,294

137,423

Total current assets

1,331,176

1,085,886

Goodwill and intangible assets, net

4,108,684

3,813,995

Property and equipment, net

190,444

170,521

Operating lease right-of-use assets

356,887

330,767

Other long-term assets

185,181

141,303

Total assets
$

6,172,372

$

5,542,472

LIABILITIES AND SHAREHOLDERS’ EQUITY:

Current liabilities

Current portion of long-term debt
$

46,920

$

46,920

Accounts payable

148,636

89,961

Accrued compensation and benefits

409,275

338,760

Other accrued expenses and current liabilities

279,970

293,518

Total current liabilities

884,801

769,159

Long-term debt, net of current portion

1,688,919

1,357,519

Other long-term liabilities

933,374

754,484

Total liabilities

3,507,094

2,881,162

Shareholders’ equity

2,665,278

2,661,310

Total liabilities and shareholders’ equity
$

6,172,372

$

5,542,472

Selected Financial Data (Continued)

CACI International Inc

Condensed Consolidated Statements of Cash Flows (Unaudited)

(Amounts in thousands)

Twelve Months Ended

6/30/2021 6/30/2020

CASH FLOWS FROM OPERATING ACTIVITIES:

Net income
$

457,443

$

321,480

Reconciliation of net income to net cash provided by operating activities:

Depreciation and amortization

125,363

110,688

Non-cash lease expense

77,148

73,248

Amortization of deferred financing costs

2,320

2,346

Loss on disposal of assets

6

190

Stock-based compensation expense

30,463

29,302

Deferred income taxes

108,973

17,874

Changes in operating assets and liabilities, net of effect of business acquisitions:

Accounts receivable, net

(38,162

)

34,550

Prepaid expenses and other assets

(15,766

)

(38,432

)

Accounts payable and other accrued expenses

49,812

(24,406

)

Accrued compensation and benefits

68,742

46,769

Income taxes payable and receivable

(231,971

)

(25,118

)

Operating lease liabilities

(73,057

)

(74,928

)

Long-term liabilities

30,901

45,142

Net cash provided by operating activities

592,215

518,705

CASH FLOWS FROM INVESTING ACTIVITIES:

Capital expenditures

(73,129

)

(72,303

)

Cash paid for business acquisitions, net of cash acquired

(356,261

)

(106,226

)

Other

2,744

–

Net cash used in investing activities

(426,646

)

(178,529

)

CASH FLOWS FROM FINANCING ACTIVITIES:

Net borrowings (payments) under credit facilities

329,080

(262,920

)

Payment of contingent consideration

–

(8,700

)

Proceeds from employee stock purchase plans

9,181

7,432

Repurchases of common stock

(509,137

)

(7,806

)

Payment of taxes for equity transactions

(19,720

)

(31,400

)

Net cash used in financing activities

(190,596

)

(303,394

)

Effect of exchange rate changes on cash and cash equivalents

5,822

(1,574

)

Net change in cash and cash equivalents

(19,205

)

35,208

Cash and cash equivalents, beginning of period

107,236

72,028

Cash and cash equivalents, end of period
$

88,031

$

107,236

Selected Financial Data (Continued)

Revenue by Customer Group (Unaudited)

Three Months Ended

(dollars in thousands) 6/30/2021 6/30/2020 $ Change % Change

Department of Defense
1,094,166

69.9%

1,033,998

69.1%

$

60,168

5.8%

Federal Civilian Agencies
399,604

25.6%

400,459

26.8%

(855)

-0.2%

Commercial and other
70,230

4.5%

61,124

4.1%

9,106

14.9%

Total
1,564,000

100.0%

1,495,581

100.0%

$

68,419

4.6%

Twelve Months Ended

(dollars in thousands) 6/30/2021 6/30/2020 $ Change % Change

Department of Defense
4,185,292

69.3%

3,999,261

69.9%

$

186,031

4.7%

Federal Civilian Agencies
1,585,672

26.2%

1,467,801

25.7%

117,871

8.0%

Commercial and other
273,171

4.5%

252,980

4.4%

20,191

8.0%

Total
6,044,135

100.0%

5,720,042

100.0%

$

324,093

5.7%

Revenue by Contract Type (Unaudited)

Three Months Ended

(dollars in thousands) 6/30/2021 6/30/2020 $ Change % Change

Cost-plus-fee
931,871

59.6%

855,816

57.2%

$

76,055

8.9%

Fixed price
438,107

28.0%

416,896

27.9%

21,211

5.1%

Time and materials
194,022

12.4%

222,869

14.9%

(28,847)

-12.9%

Total
1,564,000

100.0%

1,495,581

100.0%

$

68,419

4.6%

Twelve Months Ended

(dollars in thousands) 6/30/2021 6/30/2020 $ Change % Change

Cost-plus-fee
3,504,838

58.0%

3,274,707

57.2%

$

230,131

7.0%

Fixed price
1,769,841

29.3%

1,629,475

28.5%

140,366

8.6%

Time and materials
769,456

12.7%

815,860

14.3%

(46,404)

-5.7%

Total
6,044,135

100.0%

5,720,042

100.0%

$

324,093

5.7%

Revenue by Prime or Subcontractor (Unaudited)

Three Months Ended

(dollars in thousands) 6/30/2021 6/30/2020 $ Change % Change

Prime
1,394,094

89.1%

1,368,745

91.5%

$

25,349

1.9%

Subcontractor
169,906

10.9%

126,836

8.5%

43,070

34.0%

Total
1,564,000

100.0%

1,495,581

100.0%

$

68,419

4.6%

Twelve Months Ended

(dollars in thousands) 6/30/2021 6/30/2020 $ Change % Change

Prime
5,449,590

90.2%

5,211,366

91.1%

$

238,224

4.6%

Subcontractor
594,545

9.8%

508,676

8.9%

85,869

16.9%

Total
6,044,135

100.0%

5,720,042

100.0%

$

324,093

5.7%

Selected Financial Data (Continued)

Revenue by Expertise or Technology (Unaudited)

Three Months Ended

(dollars in thousands) 6/30/2021 6/30/2020 $ Change % Change

Expertise
735,588

47.0%

773,789

51.7%

$

(38,201)

-4.9%

Technology
828,412

53.0%

721,792

48.3%

106,620

14.8%

Total
1,564,000

100.0%

1,495,581

100.0%

$

68,419

4.6%

Twelve Months Ended

(dollars in thousands) 6/30/2021 6/30/2020 $ Change % Change

Expertise
2,972,966

49.2%

3,001,512

52.5%

$

(28,546)

-1.0%

Technology
3,071,169

50.8%

2,718,530

47.5%

352,639

13.0%

Total
6,044,135

100.0%

5,720,042

100.0%

$

324,093

5.7%

Contract Awards Received (Unaudited)

Three Months Ended

(dollars in thousands) 6/30/2021 6/30/2020 $ Change % Change

Contract Awards
$

3,642,295

$

3,387,343

$

254,952

7.5%

Twelve Months Ended

(dollars in thousands) 6/30/2021 6/30/2020 $ Change % Change

Contract Awards
$

9,171,752

$

11,564,085

$

(2,392,333)

-20.7%

Reconciliation of Net Income to Adjusted Net Income and Diluted EPS to Adjusted Diluted EPS

(Unaudited)

Adjusted net income and Adjusted diluted EPS are non-GAAP performance measures. We define Adjusted net income and Adjusted diluted EPS as GAAP net income and GAAP diluted EPS, respectively, excluding intangible amortization expense and the related tax impact as we do not consider intangible amortization expense to be indicative of our core operating performance. We believe that these performance measures provide management and investors with useful information in assessing trends in our ongoing operating performance, provide greater visibility in understanding the long-term financial performance of the Company, and allow investors to more easily compare our results to results of our peers. These non-GAAP measures should not be considered in isolation or as a substitute for performance measures prepared in accordance with GAAP.

Reconciliation of Net Income to Adjusted Net Income and Diluted EPS to Adjusted Diluted EPS

Adjusted net income and Adjusted diluted EPS are non-GAAP performance measures. We define Adjusted net income and Adjusted diluted EPS as GAAP net income and GAAP diluted EPS, respectively, excluding intangible amortization expense and the related tax impact as we do not consider intangible amortization expense to be indicative of our core operating performance. We believe that these performance measures provide management and investors with useful information in assessing trends in our ongoing operating performance, provide greater visibility in understanding the long-term financial performance of the Company, and allow investors to more easily compare our results to results of our peers.

(amounts in thousands, except per share amounts) Three Months Ended Twelve Months Ended

6/30/2021 6/30/2020 % Change 6/30/2021 6/30/2020 % Change

Net income, as reported
$

136,977

$

93,731

46.1

%

$

457,443

$

321,480

42.3

%

Intangible amortization expense

16,896

14,634

15.5

%

67,501

59,273

13.9

%

Tax effect of intangible amortization (1)

(4,442

)

(3,848

)

15.4

%

(17,748

)

(15,585

)

13.9

%

Adjusted net income
$

149,431

$

104,517

43.0

%

$

507,196

$

365,168

38.9

%

Three Months Ended Twelve Months Ended

6/30/2021 6/30/2020 % Change 6/30/2021 6/30/2020 % Change

Diluted EPS, as reported
$

5.74

$

3.68

56.1

%

$

18.30

$

12.61

45.1

%

Intangible amortization expense
$

0.71

$

0.57

24.6

%

$

2.70

$

2.33

15.9

%

Tax effect of intangible amortization (1)

(0.19

)

(0.15

)

30.0

%

(0.71

)

(0.61

)

16.1

%

Adjusted diluted EPS
$

6.26

$

4.10

52.7

%

$

20.29

$

14.33

41.6

%

FY22 Guidance Range

(amounts in millions, except per share amounts) Low End High End

Net income, as reported
$

380

—

$

400

Intangible amortization expense

68

—

68

Tax effect of intangible amortization (1)

(18

)

—

(18

)

Adjusted net income
$

430

—

$

450

FY22 Guidance Range

Low End High End

Diluted EPS, as reported
$

15.90

—

$

16.74

Intangible amortization expense
$

2.85

—

$

2.85

Tax effect of intangible amortization (1)

(0.75

)

—

(0.75

)

Adjusted diluted EPS
$

18.00

—

$

18.83

(1) Calculation uses an estimated statutory tax rate of 26.3% on non-GAAP tax deductible adjustments.

Reconciliation of Net Income to Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA)

(Unaudited)

The Company views Adjusted EBITDA and Adjusted EBITDA margin, both of which are defined as non-GAAP measures, as important indicators of performance, consistent with the manner in which management measures and forecasts the Company’s performance. Adjusted EBITDA is a commonly used non-GAAP measure when comparing our results with those of other companies. We define Adjusted EBITDA as GAAP net income plus net interest expense, income taxes, depreciation and amortization expense, including depreciation within direct costs, and earnout adjustments. We consider Adjusted EBITDA to be a useful metric for management and investors to evaluate and compare the ongoing operating performance of our business on a consistent basis across reporting periods, as it eliminates the effect of non-cash items such as depreciation of tangible assets, amortization of intangible assets primarily recognized in business combinations, as well as the effect of earnout gains and losses, which we do not believe are indicative of our core operating performance. Adjusted EBITDA margin is adjusted EBITDA divided by revenue. These non-GAAP measures should not be considered in isolation or as a substitute for performance measures prepared in accordance with GAAP.

Three Months Ended Twelve Months Ended

(dollars in thousands) 6/30/2021 6/30/2020 % Change 6/30/2021 6/30/2020 % Change

Net income
$

136,977

$

93,731

46.1

%

$

457,443

$

321,480

42.3

%

Plus:

Income taxes

(36,742

)

29,498

-224.6

%

42,172

80,157

-47.4

%

Interest income and expense, net

11,815

10,447

13.1

%

39,836

56,059

-28.9

%

Depreciation and amortization expense, including amounts within direct costs

32,865

29,264

12.3

%

129,131

112,889

14.4

%

Earnout adjustments

–

–

–

3,000

-100.0

%

Adjusted EBITDA
$

144,915

$

162,940

-11.1

%

$

668,582

$

573,585

16.6

%

Three Months Ended Twelve Months Ended

(dollars in thousands) 6/30/2021 6/30/2020 % Change 6/30/2021 6/30/2020 % Change

Revenue, as reported
$

1,564,000

$

1,495,581

4.6

%

$

6,044,135

$

5,720,042

5.7

%

Adjusted EBITDA

144,915

162,940

-11.1

%

668,582

573,585

16.6

%

Adjusted EBITDA margin

9.3

%

10.9

%

11.1

%

10.0

%

Reconciliation of Net Cash Provided by Operating Activities to Net Cash Provided by Operating Activities Excluding MARPA and to Free Cash Flow

(Unaudited)

The Company defines Net cash provided by operating activities excluding MARPA as net cash provided by operating activities calculated in accordance with GAAP, adjusted to exclude cash flows from CACI’s Master Accounts Receivable Purchase Agreement (MARPA) for the sale of certain designated eligible U.S. government receivables up to a maximum amount of $200.0 million. Free cash flow is a non-GAAP liquidity measure and may not be comparable to similarly titled measures used by other companies. The Company defines Free cash flow as Net cash provided by operating activities excluding MARPA, less payments for capital expenditures. The Company uses these non-GAAP measures to assess our ability to generate cash from our business operations and plan for future operating and capital actions. We believe this measure allows investors to more easily compare current period results to prior period results and to results of our peers. Free cash flow does not represent residual cash flows available for discretionary purposes and should not be used as a substitute for cash flow measures prepared in accordance with GAAP.

Three Months Ended Twelve Months Ended

(Amounts in thousands) 6/30/2021 6/30/2020 6/30/2021 6/30/2020

Net cash provided by operating activities
$

91,699

$

160,880

$

592,215

$

518,705

Cash used (provided) by MARPA

7,833

(6,501

)

17,973

(7,473

)

Net cash provided by operating activities excluding MARPA

99,532

154,379

610,188

511,232

Capital expenditures

(21,856

)

(17,972

)

(73,129

)

(72,303

)

Free cash flow
$

77,676

$

136,407

$

537,059

$

438,929

(Amounts in millions) FY22 Guidance

Net cash provided by operating activities (1)
$

810

Cash used (provided) by MARPA

–

Net cash provided by operating activities excluding MARPA

810

Capital expenditures

(90

)

Free cash flow
$

720

(1) Includes estimated tax refund of $230 million related to certain tax elections, as well as payroll tax deferral repayment of approximately $45 million.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210811005824/en/

Corporate Communications and Media:

Jody Brown, Executive Vice President, Public Relations

(703) 841-7801, [email protected]

Investor Relations:

Dan Leckburg, Senior Vice President, Investor Relations

(703) 841-7666, [email protected]

KEYWORDS: United States North America Virginia

INDUSTRY KEYWORDS: Technology Other Defense Homeland Security Security Consulting Professional Services Public Policy/Government Software Networks Defense

MEDIA:

Logo

Posted on August 11, 2021 4:18 pm
EnerSys Reports First Quarter Fiscal 2022 Results

READING, Pa., Aug. 11, 2021 (GLOBE NEWSWIRE) — EnerSys (NYSE: ENS), the global leader in stored energy solutions for industrial applications, announced today results for its first quarter of fiscal 2022, which ended on July 4, 2021.

First Quarter FY 22 Highlights

Net sales of $815M up 16% vs. Q1’21

Q1’22 backlog growth of $157M

GP 24% includes recent inflation pressure

Supply chain slowed Q1 shipments and earnings

Credit Facility amended and extended to 2026

Bank debt leverage at 1.95X

TPPL capacity of $300M per quarter on track

Solid progress on new product initiatives

Key Results from Operations by Segments ($ in millions)

Q1 FY22 Q1 FY21 % Change

Energy Systems

Net Sales $ 371.2 $ 353.4 5.0 %

Operating Earnings 7.1 22.0 (67.8 )

Adjusted Operating Earnings * 13.1 28.1 (53.6 )

Motive Power

Net Sales 336.1 262.8 27.9

Operating Earnings 50.6 27.3 85.6

Adjusted Operating Earnings * 50.6 27.3 85.6

Specialty

Net Sales 107.6 88.7 21.3

Operating Earnings 11.0 5.3 109.5

Adjusted Operating Earnings * 11.4 5.8 98.7

* This is a non-GAAP financial measure. See “Reconciliation of Non-GAAP Financial Measures” for more information.

Message from the CEO

We delivered a solid Q1, with extremely strong demand for our products and services throughout each of our business segments. Revenue was up 16% vs last year, but perhaps more importantly, up more than 4% from two years ago, with quarterly backlog growth of $157M. Like many industrial companies, we are facing supply chain challenges that are restraining revenue and earnings growth, especially in our first half of F22. While we are being cautious due to the fluidity of lingering COVID impacts, we remain optimistic that consistently robust orders, a strong backlog, recent pricing actions and a steadily improving supply chain will sequentially benefit our second half. We expect our adjusted diluted earnings per share to be between $1.03 and $1.13 in our second fiscal quarter with sequential impacts from the acceleration of investment in our new EV fast charging program along with our global annual wage increases moving from April 1 to July 1.

David M. Shaffer, President and Chief Executive Officer, EnerSys

Net earnings attributable to EnerSys stockholders (“Net earnings”) for the first quarter of fiscal 2022 was $43.9 million, or $1.01 per diluted share, which included an unfavorable highlighted net of tax impact of $10.5 million, or $0.24 per diluted share, from highlighted items described in further detail in the tables shown below, reconciling non-GAAP adjusted financial measures to reported amounts.

Net earnings for the first quarter of fiscal 2021 was $35.2 million, or $0.82 per diluted share, which included an unfavorable highlighted net of tax impact of $4.2 million, or $0.10 per diluted share from highlighted items described in further detail in the tables shown below, reconciling non-GAAP adjusted financial measures to reported amounts.

Excluding these highlighted items, adjusted Net earnings per diluted share for the first quarter of fiscal 2022, on a non-GAAP basis, were $1.25, which met the guidance of $1.15 to $1.25 per diluted share for the first quarter given by the Company on May 26, 2021. These earnings compare to the prior year first quarter adjusted Net earnings of $0.92 per diluted share. Please refer to the section included herein under the heading “Reconciliation of Non-GAAP Financial Measures” for a discussion of the Company’s use of non-GAAP adjusted financial information, which includes tables reconciling GAAP and non-GAAP adjusted financial measures for the quarters ended July 4, 2021 and July 5, 2020.

Net sales for the first quarter of fiscal 2022 were $814.9 million, an increase of 15.6% from the prior year first quarter net sales of $704.9 million and increased 0.2% sequentially from the fourth quarter of fiscal 2021 net sales of $813.5 million. The increase from the prior year quarter was the result of a 12% increase in organic volume resulting from the easing of the pandemic and a 4% increase in foreign currency translation impact.

The Company’s operating results for its business segments for the first quarters of fiscal 2022 and 2021 are as follows:

Quarter ended

($ millions)

July 4, 2021

Energy Systems Motive Power Specialty Total

Net Sales $ 371.2 $ 336.1 $ 107.6 $ 814.9

Operating Earnings $ 6.6 $ 42.1 $ 12.2 $ 60.9

Restructuring and other exit charges 0.5 8.5 (1.2 ) 7.8

Amortization of identified intangible assets from
recent acquisitions 6.0 — 0.4 6.4

Adjusted Operating Earnings $ 13.1 $ 50.6 $ 11.4 $ 75.1

Quarter ended

($ millions)

July 5, 2020

Energy Systems Motive Power Specialty Total

Net Sales $ 353.4 $ 262.8 $ 88.7 $ 704.9

Operating Earnings $ 21.5 $ 26.5 $ 5.2 $ 53.2

Restructuring and other exit charges 0.5 0.8 0.1 1.4

Amortization of identified intangible assets from
recent acquisitions 6.0 — 0.4 6.4

Acquisition activity expense 0.1 — 0.1 0.2

Adjusted Operating Earnings $ 28.1 $ 27.3 $ 5.8 $ 61.2

Reconciliation of Non-GAAP Financial Measures

This press release contains financial information determined by methods other than in accordance with U.S. Generally Accepted Accounting Principles, (“GAAP”). EnerSys’ management uses the non-GAAP measures “adjusted Net earnings” and “adjusted operating earnings” as applicable, in their analysis of the Company’s performance. This measure, as used by EnerSys in past quarters and years, adjusts operating earnings and Net earnings determined in accordance with GAAP to reflect changes in financial results associated with the Company’s restructuring initiatives and other highlighted charges and income items. Management believes the presentation of these financial measures reflecting these non-GAAP adjustments provides important supplemental information in evaluating the operating results of the Company as distinct from results that include items that are not indicative of ongoing operating results and overall business performance; in particular, those charges that the Company incurs as a result of restructuring activities, impairment of goodwill and indefinite-lived intangibles and other assets, acquisition activities and those charges and credits that are not directly related to operating unit performance, such as significant legal proceedings, amortization of Alpha and NorthStar related intangible assets and tax valuation allowance changes, including those related to the AHV Financing in Switzerland. Because these charges are not incurred as a result of ongoing operations, or are incurred as a result of a potential or previous acquisition, they are not as helpful a measure of the performance of our underlying business, particularly in light of their unpredictable nature and are difficult to forecast. Although we exclude the amortization of purchased intangibles from these non-GAAP measures, management believes that it is important for investors to understand that such intangible assets were recorded as part of purchase accounting and contribute to revenue generation.

Income tax effects of non-GAAP adjustments are calculated using the applicable statutory tax rate for the jurisdictions in which the charges (benefits) are incurred, while taking into consideration any valuation allowances. For those items which are non-taxable, the tax expense (benefit) is calculated at 0%.

These non-GAAP disclosures have limitations as an analytical tool, should not be viewed as a substitute for operating earnings or Net earnings determined in accordance with GAAP, and should not be considered in isolation or as a substitute for analysis of the Company’s results as reported under GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies. Management believes that this non-GAAP supplemental information will be helpful in understanding the Company’s ongoing operating results. This supplemental presentation should not be construed as an inference that the Company’s future results will be unaffected by similar adjustments to Net earnings determined in accordance with GAAP.

A reconciliation of non-GAAP adjusted operating earnings is set forth in the table above, providing a reconciliation of non-GAAP adjusted operating earnings to the Company’s reported operating results for its business segments. Included below is a reconciliation of non-GAAP adjusted Net earnings to reported amounts. Non-GAAP adjusted operating earnings and Net earnings are calculated excluding restructuring and other highlighted charges and credits. The following tables provide additional information regarding certain non-GAAP measures:

Quarter ended

(in millions, except share and per share amounts)

July 4, 2021 July 5, 2020

Net Earnings reconciliation

As reported Net Earnings $ 43.9 $ 35.2

Non-GAAP adjustments:

Restructuring and other exit charges 7.8 (1 ) 1.4 (1 )

Amortization of identified intangible assets from recent acquisitions 6.4 (2 ) 6.4 (2 )

Acquisition activity expense — 0.2 (3 )

Income tax effect of above non-GAAP adjustments (3.7 ) (1.9 )

Swiss Tax Reform $ — $ (1.9 )

Non-GAAP adjusted Net Earnings $ 54.4 $ 39.4

Outstanding shares used in per share calculations

Basic 42,700,329 42,385,888

Diluted 43,537,344 42,932,054

Non-GAAP adjusted Net Earnings per share:

Basic $ 1.28 $ 0.93

Diluted $ 1.25 $ 0.92

Reported Net Earnings (Loss) per share:

Basic $ 1.03 $ 0.83

Diluted $ 1.01 $ 0.82

Dividends per common share $ 0.175 $ 0.175

The following table provides the line of business allocation of the non-GAAP adjustments shown in the reconciliation above:

Quarter ended

($ millions)

July 4, 2021 July 5, 2020

Pre-tax Pre-tax

(1) Restructuring and other exit charges – Energy Systems 0.5 0.5

(1) Restructuring and other exit charges – Motive Power 8.5 0.8

(1) Restructuring and other exit charges – Specialty (1.2 ) 0.1

(2) Amortization of identified intangible assets from recent acquisitions – Energy Systems 6.0 6.0

(2) Amortization of identified intangible assets from recent acquisitions – Specialty 0.4 0.4

(3) Acquisition activity expense – Energy Systems — 0.1

(3) Acquisition activity expense – Specialty — 0.1

Total Non-GAAP adjustments $ 14.2 $ 8.0

Summary of Earnings (Unaudited)

(In millions, except share and per share data)

Quarter ended

July 4, 2021 July 5, 2020

Net sales $ 814.9 $ 704.9

Gross profit 193.2 175.0

Operating expenses 124.5 120.4

Restructuring and other exit charges 7.8 1.4

Operating earnings 60.9 53.2

Earnings before income taxes 52.3 41.6

Income tax expense 8.4 6.4

Net earnings attributable to EnerSys stockholders $ 43.9 $ 35.2

Net reported earnings per common share attributable to EnerSys
stockholders:

Basic $ 1.03 $ 0.83

Diluted $ 1.01 $ 0.82

Dividends per common share $ 0.175 $ 0.175

Weighted-average number of common shares used in reported earnings per
share calculations:

Basic 42,700,329 42,385,888

Diluted 43,537,344 42,932,054

ENERSYS

Consolidated Condensed Balance Sheets (Unaudited)

(In Thousands, Except Share and Per Share Data)

July 4, 2021 March 31, 2021

Assets

Current assets:

Cash and cash equivalents $ 406,233 $ 451,808

Accounts receivable, net of allowance for doubtful accounts: July 4, 2021 –
$12,607; March 31, 2021 – $12,992 580,961 603,581

Inventories, net 563,914 518,247

Prepaid and other current assets 148,692 117,681

Total current assets 1,699,800 1,691,317

Property, plant, and equipment, net 499,185 497,056

Goodwill 712,877 705,593

Other intangible assets, net 423,594 430,898

Deferred taxes 65,940 65,212

Other assets 71,049 72,721

Total assets $ 3,472,445 $ 3,462,797

Liabilities and Equity

Current liabilities:

Short-term debt $ 40,260 $ 34,153

Accounts payable 293,377 323,876

Accrued expenses 271,106 318,959

Total current liabilities 604,743 676,988

Long-term debt, net of unamortized debt issuance costs 1,020,416 969,618

Deferred taxes 77,384 76,412

Other liabilities 202,476 196,203

Total liabilities 1,905,019 1,919,221

Commitments and contingencies

Equity:

Preferred Stock, $0.01 par value, 1,000,000 shares authorized, no shares issued
or outstanding at July 4, 2021 and at March 31, 2021 — —

Common Stock, $0.01 par value per share, 135,000,000 shares authorized,
55,614,974 shares issued and 42,511,136 shares outstanding at July 4, 2021;
55,552,810 shares issued and 42,753,020 shares outstanding at March 31, 2021 556 555

Additional paid-in capital 553,627 554,168

Treasury stock at cost, 13,103,838 shares held as of July 4, 2021 and 12,799,790
shares held as of March 31, 2021 (594,823 ) (563,481 )

Retained earnings 1,706,072 1,669,751

Contra equity – indemnification receivable (5,355 ) (5,355 )

Accumulated other comprehensive loss (96,474 ) (115,883 )

Total EnerSys stockholders’ equity 1,563,603 1,539,755

Nonredeemable noncontrolling interests 3,823 3,821

Total equity 1,567,426 1,543,576

Total liabilities and equity $ 3,472,445 $ 3,462,797

ENERSYS

Consolidated Condensed Statements of Cash Flows (Unaudited)

(In Thousands)

Quarter ended

July 4, 2021 July 5, 2020

Cash flows from operating activities

Net earnings $ 43,929 $ 35,183

Adjustments to reconcile net earnings to net cash provided by operating activities:

Depreciation and amortization 24,433 23,657

Write-off of assets relating to exit activities 2,141 471

Derivatives not designated in hedging relationships:

Net losses (gains) 6 (262 )

Cash (settlements) proceeds (14 ) 467

Provision for doubtful accounts 1,039 96

Deferred income taxes 145 (54 )

Non-cash interest expense 518 518

Stock-based compensation 3,659 5,053

Gain on disposal of property, plant, and equipment 4 73

Changes in assets and liabilities:

Accounts receivable 24,834 92,752

Inventories (46,307 ) 14,852

Prepaid and other current assets (15,595 ) 2,672

Other assets 344 718

Accounts payable (36,746 ) (40,609 )

Accrued expenses (50,314 ) (18,571 )

Other liabilities (219 ) (452 )

Net cash (used in) provided by operating activities (48,143 ) 116,564

Cash flows from investing activities

Capital expenditures (16,435 ) (26,330 )

Proceeds from disposal of facility 3,268 —

Proceeds from disposal of property, plant, and equipment 49 50

Net cash used in investing activities (13,118 ) (26,280 )

Cash flows from financing activities

Net borrowings (repayments) on short-term debt 5,512 (987 )

Proceeds from 2017 Revolver borrowings 65,700 35,000

Repayments of 2017 Revolver borrowings (5,700 ) (55,000 )

Repayments of 2017 Term Loan (11,447 ) (8,402 )

Option proceeds, net 386 479

Payment of taxes related to net share settlement of equity awards (4,803 ) (3,135 )

Purchase of treasury stock (31,512 ) —

Dividends paid to stockholders (7,435 ) (7,428 )

Other 214 11

Net cash provided by (used in) financing activities 10,915 (39,462 )

Effect of exchange rate changes on cash and cash equivalents 4,771 6,578

Net (decrease) increase in cash and cash equivalents (45,575 ) 57,400

Cash and cash equivalents at beginning of period 451,808 326,979

Cash and cash equivalents at end of period $ 406,233 $ 384,379

EnerSys also announced that it will host a conference call to discuss the Company’s first quarter fiscal 2022 financial results and provide an overview of the business. The call will conclude with a question and answer session.

The call, scheduled for Thursday, August 12, 2021 at 9:00 a.m., Eastern Time, will be hosted by David M. Shaffer, President and Chief Executive Officer, and Michael J. Schmidtlein, Chief Financial Officer.

The call will also be webcast on EnerSys’ website. There will be a free download of a compatible media player on the Company’s website at http://www.enersys.com.

The conference call information is:

Date: Thursday, August 12, 2021

Time: 9:00 a.m. Eastern Time

Via Internet: http://www.enersys.com

Domestic Dial-In Number: 877-359-9508

International Dial-In Number: 224-357-2393

Passcode: 4759148

A replay of the conference call will be available from 12:00 a.m. on August 12, 2021 through 12:00 a.m. on September 11, 2021.

The replay information is:

Via Internet: http://www.enersys.com

Domestic Replay Number: 855-859-2056

International Replay Number: 404-537-3406

Passcode: 4759148

For more information, contact Michael J. Schmidtlein, Chief Financial Officer, EnerSys, P.O. Box 14145, Reading, PA 19612-4145, USA. Tel: 610-236-4040 or by emailing [email protected]; Website: www.enersys.com.

EDITOR’S NOTE: EnerSys, the global leader in stored energy solutions for industrial applications, manufactures and distributes energy systems solutions and motive power batteries, specialty batteries, battery chargers, power equipment, battery accessories and outdoor equipment enclosure solutions to customers worldwide. Energy Systems, which combine enclosures, power conversion, power distribution and energy storage, are used in the telecommunication, broadband and utility industries, uninterruptible power supplies, and numerous applications requiring stored energy solutions. Motive power batteries and chargers are utilized in electric forklift trucks and other industrial electric powered vehicles. Specialty batteries are used in aerospace and defense applications, large over-the-road trucks, premium automotive, medical and security systems applications. EnerSys also provides aftermarket and customer support services to its customers in over 100 countries through its sales and manufacturing locations around the world. With the NorthStar acquisition, EnerSys has solidified its position as the market leader for premium Thin Plate Pure Lead batteries which are sold across all three lines of business.

More information regarding EnerSys can be found at www.enersys.com.

Caution Concerning Forward-Looking Statements

This press release, and oral statements made regarding the subjects of this release, contains forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995, or the Reform Act, which may include, but are not limited to, statements regarding EnerSys’ earnings estimates, intention to pay quarterly cash dividends, return capital to stockholders, plans, objectives, expectations and intentions and other statements contained in this press release that are not historical facts, including statements identified by words such as “believe,” “plan,” “seek,” “expect,” “intend,” “estimate,” “anticipate,” “will,” and similar expressions. All statements addressing operating performance, events, or developments that EnerSys expects or anticipates will occur in the future, including statements relating to sales growth, earnings or earnings per share growth, order intake, backlog, payment of future cash dividends, commodity prices, execution of its stock buy back program, judicial or regulatory proceedings, and market share, as well as statements expressing optimism or pessimism about future operating results or benefits from its cash dividend, its stock buy back programs, future responses to and effects of the COVID-19 pandemic are forward-looking statements within the meaning of the Reform Act. The forward-looking statements are based on management’s current views and assumptions regarding future events and operating performance, and are inherently subject to significant business, economic, and competitive uncertainties and contingencies and changes in circumstances, many of which are beyond the Company’s control. The statements in this press release are made as of the date of this press release, even if subsequently made available by EnerSys on its website or otherwise. EnerSys does not undertake any obligation to update or revise these statements to reflect events or circumstances occurring after the date of this press release.

Although EnerSys does not make forward-looking statements unless it believes it has a reasonable basis for doing so, EnerSys cannot guarantee their accuracy. The foregoing factors, among others, could cause actual results to differ materially from those described in these forward-looking statements. For a list of other factors which could affect EnerSys’ results, including earnings estimates, see EnerSys’ filings with the Securities and Exchange Commission, “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations,” including “Forward-Looking Statements,” set forth in EnerSys’ Annual Report on Form 10-K for the fiscal year ended March 31, 2021. No undue reliance should be placed on any forward-looking statements.

Posts pagination

Previous page Page 1 … Page 28,477 Page 28,478 Page 28,479 … Page 43,264 Next page